text
stringlengths 0
11M
| link
stringclasses 1
value | source
stringclasses 16
values |
|---|---|---|
GameStop Corp. Chief Executive Michael Mauler has left the company after only three months in his post and been replaced by former CEO Daniel DeMatteo on an interim basis, the company said Friday.
GameStop said that Mr. Mauler resigned Wednesday for personal reasons. He became CEO of the videogame retailer in early February.
Mr. Mauler’s... | ashraq/financial-news-articles | https://www.wsj.com/articles/gamestop-ceo-leaving-after-three-months-in-role-1526045842 |
FORT MYERS, Fla., May 30, 2018 /PRNewswire/ --
Reported first quarter EPS of $0.23 per diluted share Announced new sales-driving initiatives Continued strong cash flow generation
Chico's FAS, Inc. (NYSE: CHS) (the "Company") today announced its financial results for the fiscal 2018 first quarter ended May 5, 2018.
For the thirteen weeks ended May 5, 2018 (the "first quarter"), the Company reported net income of $29.0 million, or $0.23 per diluted share, compared to net income of $33.6 million, or $0.26 per diluted share, for the thirteen weeks ended April 29, 2017 ("last year's first quarter").
"While we are pleased with the launch of our new sales-driving initiatives, first quarter customer traffic was challenging," said Shelley Broader, CEO and President of the Company. "We leveraged strong inventory management and targeted promotions, which resulted in an improvement in trends."
"We are seeing initial success with our recently-launched ShopRunner partnership and we look forward to the ramp up of our brand offerings on Amazon.com and QVC." Ms. Broader continued, "Over the long-term, we expect these new channels will drive stronger customer traffic and sales. We remain confident in our future and our ability to deliver sustainable growth and value creation for shareholders."
Business Highlights
The Company continues to make progress on its strategic initiative to build new channels of growth and increase brand awareness. During the first quarter of 2018:
The Company announced its collaboration with Amazon.com, Inc. to offer a select assortment of Chico's brand merchandise on Amazon.com . Soma, the Company's Intimate Apparel brand, debuted on the multi-platform retailer QVC on May 5 th during the "AM Style" broadcast. The brand's popular Vanishing collection sold out in minutes. The Company launched its partnership with ShopRunner, the free two-day shipping and seamless payment e-commerce network, at the end of March. All three of the Company's brands, Chico's, White House Black Market and Soma are available to ShopRunner's several million active members.
Net Sales
For the first quarter, net sales were $561.8 million compared to $583.7 million in last year's first quarter. This decrease of 3.8% primarily reflects a comparable sales decline of 5.9% and the impact of 41 net store closures since last year's first quarter, partially offset by the favorable impact of the calendar shift due to the 53 rd week in fiscal 2017. The comparable sales decline was primarily driven by lower transaction count.
Comparable Sales
Thirteen Weeks Ended
May 5, 2018 (1)
April 29, 2017
Chico's
(5.5)%
(10.0)%
White House Black Market
(6.6)%
(9.7)%
Soma
(5.8)%
0.2 %
Total Company
(5.9)%
(8.7)%
(1) Comparable sales for the first quarter have been adjusted to eliminate the impact of the calendar shift due to the 53 rd week in fiscal 2017. Fiscal 2018 comparable sales represents sales for the thirteen weeks ended May 5, 2018 compared to sales for the thirteen weeks ended May 6, 2017.
Gross Margin
For the first quarter, gross margin was $226.9 million, or 40.4% of net sales, compared to $237.4 million, or 40.7% of net sales, in last year's first quarter. This 30 basis point decrease primarily reflects the initial implementation costs and launch of a new expedited shipping program, partially offset by a 70 basis point improvement in maintained margin.
Selling, General and Administrative Expenses
For the first quarter, selling, general and administrative expenses ("SG&A") were $186.4 million, or 33.2% of net sales, compared to $182.5 million, or 31.3% of net sales, for last year's first quarter. This increase of $3.9 million, or 2.1%, primarily reflects investments in first quarter marketing and technology.
Income Tax Expense
For the first quarter, the effective tax rate was 27.9% compared to 38.2% for last year's first quarter. The reduction in our effective tax rate for current year of 10.3% is primarily the result of the Tax Cuts and Jobs Act of 2017 ("U.S. tax reform") which reduced the U.S. corporate income tax rate from 35% to 21%. This reduction is partially offset by a 225 basis point increase related to excess tax benefits on the accounting for employee share-based awards.
Cash and Marketable Securities
At the end of the first quarter, cash and marketable securities totaled $254.7 million compared to $169.8 million at the end of the first quarter last year. This $85.0 million increase primarily reflects cash generated from operating activities.
Inventories
At the end of the first quarter, inventories totaled $253.8 million compared to $273.9 million at the end of the first quarter last year. This $20.1 million decrease, or 7.3%, primarily reflects our ability to align inventory levels with sales.
Fiscal 2018 Second Quarter and Full-Year Outlook
For second quarter fiscal 2018, the Company is anticipating a mid-to-high single digit decline in net sales and a low-to-mid single digit decline in consolidated comparable sales. The Company expects gross margin rate as a percentage of net sales to be approximately flat compared to second quarter fiscal 2017. The Company also anticipates SG&A expenses to be up slightly compared to second quarter fiscal 2017.
For full-year fiscal 2018, the Company is anticipating a mid-single digit decline in net sales and a low-to-mid single digit decline in consolidated comparable sales. The Company expects gross margin rate expansion in the range of 50 to 75 basis points over fiscal 2017. The Company also anticipates SG&A expenses to be approximately flat compared to fiscal 2017. Given the early nature of the new sales-driving initiatives, we do not expect a material impact to the Company's fiscal 2018 financial results.
The Company estimates a fiscal 2018 tax rate in the range of 26% to 28%. In addition, the Company anticipates 2018 capital expenditures to be $60 million to $70 million, primarily driven by store reinvestments and technology enhancements.
ABOUT CHICO'S FAS, INC.
The Company, through its brands – Chico's, White House Black Market and Soma, is a leading omni-channel specialty retailer of women's private branded, sophisticated, casual-to-dressy clothing, intimates and complementary accessories.
As of May 5, 2018, the Company operated 1,451 stores in the US and Canada and sold merchandise through 94 franchise locations in Mexico. The Company's merchandise is also available at www.chicos.com , www.chicosofftherack.com , www.whbm.com and www.soma.com as well as through third party channels. For more detailed information on Chico's FAS, Inc., please go to our corporate website at www.chicosfas.com . The information on our corporate website is not, and shall not be deemed to be, a part of this press release or incorporated into our federal securities law filings.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
This press release contains "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to certain events that could have an effect on our future financial performance. These statements, including without limitation statements made in Ms. Broader's Quote: s and in the section entitled "Fiscal 2018 Second Quarter and Full-Year Outlook," relate to expectations concerning matters that are not historical fact and may include the words or phrases such as "will," "should," "expects," "believes," "anticipates," "plans," "intends," "estimates," "approximately," "our planning assumptions," "future outlook," and similar expressions. Except for historical information, matters discussed in such statements are forward-looking statements. These forward-looking statements are based largely on information currently available to our management and on our current expectations, assumptions, plans, estimates, judgments and projections about our business and our industry, and are subject to various risks and uncertainties that could cause actual results to differ materially from historical results or those currently anticipated. Although we believe our expectations are based on reasonable estimates and assumptions, we cannot guarantee their accuracy or our future performance, and there are a number of known and unknown risks, uncertainties, contingencies, and other factors (many of which are outside our control) that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Accordingly, there is no assurance that our expectations will, in fact, occur or that our estimates or assumptions will be correct, and we caution investors and all others not to place undue reliance on such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, changes in the general economic and business environment, including the expected impact of U.S. tax reform; changes in the general or specialty retail or apparel industries; the availability of quality store sites; the ability to successfully execute and achieve the expected results of our business strategies, particular strategic initiatives, including sales initiatives and multi-channel strategies; customer traffic; our ability to leverage inventory management and targeted promotions; the successful integration of new members of our senior management team; changes in the political environment that create consumer uncertainty; significant changes to product import and distribution costs (such as unexpected consolidation in the freight carrier industry, and the ability to remain competitive with customer shipping terms and costs pertaining to product deliveries and returns); new or increased taxes or tariffs; significant shifts in consumer behavior; and those other factors described in Item 1A, "Risk Factors" and in the "Forward-Looking Statements" disclosure in Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our latest annual report on Form 10-K and in Part II, Item 1A, "Risk Factors" and the "Forward-Looking Statements" disclosure in Part I, Item 2. "Management's Discussion and Analysis of Financial Condition and Results of Operation" of our quarterly reports on Form 10-Q and in other reports we file with or furnish to the Securities and Exchange Commission. There can be no assurance that the actual future results, performance, or achievements expressed or implied by such forward-looking statements will occur. All forward-looking statements that are made or attributable to us are expressly qualified in their entirety by this cautionary notice. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that projected results expressed or implied in such statements will not be realized.
(Financial Tables Follow)
Executive Contact:
Julie Lorigan
Vice President – Investor Relations,
Public Relations and Corporate Communications
Chico's FAS, Inc.
(239) 346-4199
Chico's FAS, Inc. • 11215 Metro Parkway • Fort Myers, Florida 33966 • (239) 277-6200
Chico's FAS, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Unaudited)
(in thousands, except per share amounts)
Thirteen Weeks Ended
May 5, 2018
April 29, 2017
Amount
% of
Sales
Amount
% of
Sales
Net Sales:
Chico's
$
300,936
53.6
%
$
310,127
53.1
%
White House Black Market
182,648
32.5
193,332
33.1
Soma
78,231
13.9
80,269
13.8
Total Net Sales
561,815
100.0
583,728
100.0
Cost of goods sold
334,947
59.6
346,315
59.3
Gross Margin
226,868
40.4
237,413
40.7
Selling, general and administrative expenses
186,419
33.2
182,539
31.3
Income from Operations
40,449
7.2
54,874
9.4
Interest expense, net
(245)
0.0
(455)
(0.1)
Income before Income Taxes
40,204
7.2
54,419
9.3
Income tax provision
11,200
2.0
20,800
3.5
Net Income
$
29,004
5.2
%
$
33,619
5.8
%
Per Share Data:
Net income per common share-basic
$
0.23
$
0.26
Net income per common and common equivalent share–diluted
$
0.23
$
0.26
Weighted average common shares outstanding–basic
125,277
126,050
Weighted average common and common equivalent shares outstanding–diluted
125,316
126,103
Dividends declared per share
$
0.1700
$
0.1650
Chico's FAS, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands)
May 5, 2018
February 3, 2018
April 29, 2017
ASSETS
Current Assets:
Cash and cash equivalents
$
193,547
$
160,071
$
119,142
Marketable securities, at fair value
61,196
60,060
50,629
Inventories
253,777
233,726
273,878
Prepaid expenses and other current assets
53,494
60,668
46,900
Total Current Assets
562,014
514,525
490,549
Property and Equipment, net
407,569
421,038
460,845
Other Assets:
Goodwill
96,774
96,774
96,774
Other intangible assets, net
38,930
38,930
38,930
Other assets, net
10,707
16,338
18,432
Total Other Assets
146,411
152,042
154,136
$
1,115,994
$
1,087,605
$
1,105,530
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable
$
138,439
$
118,253
$
133,278
Current debt
15,000
15,000
15,000
Other current and deferred liabilities
145,893
133,715
149,151
Total Current Liabilities
299,332
266,968
297,429
Noncurrent Liabilities:
Long-term debt
49,868
53,601
64,801
Deferred liabilities
99,330
103,282
115,543
Deferred taxes
6,560
7,372
14,613
Total Noncurrent Liabilities
155,758
164,255
194,957
Commitments and Contingencies
Shareholders' Equity:
Preferred stock
—
—
—
Common stock
1,292
1,275
1,295
Additional paid-in capital
471,458
468,806
453,999
Treasury stock, at cost
(413,465)
(413,465)
(395,585)
Retained earnings
601,801
599,810
553,466
Accumulated other comprehensive loss
(182)
(44)
(31)
Total Shareholders' Equity
660,904
656,382
613,144
$
1,115,994
$
1,087,605
$
1,105,530
Chico's FAS, Inc. and Subsidiaries
Condensed Consolidated Cash Flow Statements
(Unaudited)
(in thousands)
Thirteen Weeks Ended
May 5, 2018
April 29, 2017
Cash Flows from Operating Activities:
Net income
$
29,004
$
33,619
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
22,445
25,145
Loss on disposal and impairment of property and equipment
1,031
513
Deferred income taxes
(838)
4,905
Share-based compensation expense
5,055
5,794
Deferred rent and lease credits
(5,594)
(4,358)
Changes in assets and liabilities:
Inventories
(20,875)
(41,516)
Prepaid expenses and other current assets
12,270
5,955
Accounts payable
9,253
6,358
Accrued and other liabilities
10,143
(19,724)
Net cash provided by operating activities
61,894
16,691
Cash Flows from Investing Activities:
Purchases of marketable securities
(9,123)
(8,491)
Proceeds from sale of marketable securities
7,965
8,259
Purchases of property and equipment, net
(9,991)
(9,531)
Net cash used in investing activities
(11,149)
(9,763)
Cash Flows from Financing Activities:
Payments on borrowings
(3,750)
(5,000)
Proceeds from issuance of common stock
605
1,062
Dividends paid
(11,065)
(10,862)
Repurchase of common stock
—
(9,498)
Payments of tax withholdings related to share-based awards
(2,991)
(5,599)
Net cash used in financing activities
(17,201)
(29,897)
Effects of exchange rate changes on cash and cash equivalents
(68)
(24)
Net increase (decrease) in cash and cash equivalents
33,476
(22,993)
Cash and Cash Equivalents, Beginning of period
160,071
142,135
Cash and Cash Equivalents, End of period
$
193,547
$
119,142
Supplemental Detail on Net Income Per Share Calculation
In accordance with accounting guidance, unvested share-based payment awards that include non-forfeitable rights to dividends, whether paid or unpaid, are considered participating securities. As a result, such awards are required to be included in the calculation of earnings per common share pursuant to the "two-class" method. For the Company, participating securities are comprised entirely of unvested restricted stock awards and performance-based restricted stock units ("PSUs") that have met their relevant performance criteria.
Net income per share is determined using the two-class method when it is more dilutive than the treasury stock method. Basic net income per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period, including participating securities. Diluted net income per share reflects the dilutive effect of potential common shares from non-participating securities such as stock options, PSUs and restricted stock units. For the thirteen weeks ended May 5, 2018 and April 29, 2017, potential common shares were excluded from the computation of diluted EPS to the extent they were antidilutive.
The following unaudited table sets forth the computation of basic and diluted net income per share shown on the face of the accompanying condensed consolidated statements of income (in thousands, except per share amounts):
Thirteen Weeks Ended
May 5, 2018
April 29, 2017
Numerator
Net income
$
29,004
$
33,619
Net income and dividends declared allocated to participating securities
(714)
(741)
Net income available to common shareholders
$
28,290
$
32,878
Denominator
Weighted average common shares outstanding – basic
125,277
126,050
Dilutive effect of non-participating securities
39
53
Weighted average common and common equivalent shares outstanding – diluted
125,316
126,103
Net Income Per Share:
Basic
$
0.23
$
0.26
Diluted
$
0.23
$
0.26
Chico's FAS, Inc. and Subsidiaries
Store Count and Square Footage
Thirteen Weeks Ended May 5, 2018
(Unaudited)
February 3,
2018
New Stores
Closures
May 5,
2018
Store Count:
Chico's frontline boutiques
568
—
(4)
564
Chico's outlets
120
—
—
120
Chico's Canada
4
—
—
4
WHBM frontline boutiques
404
—
(1)
403
WHBM outlets
69
—
—
69
WHBM Canada
6
—
—
6
Soma frontline boutiques
270
—
(4)
266
Soma outlets
19
—
—
19
Total Chico's FAS, Inc.
1,460
—
(9)
1,451
February 3,
2018
New Stores
Closures
Other changes in SSF
May 5,
2018
Net Selling Square Footage (SSF):
Chico's frontline boutiques
1,555,671
—
(11,458)
(1,604)
1,542,609
Chico's outlets
302,088
—
—
—
302,088
Chico's Canada
9,695
—
—
—
9,695
WHBM frontline boutiques
939,606
—
(2,345)
670
937,931
WHBM outlets
143,963
—
—
—
143,963
WHBM Canada
14,891
—
—
—
14,891
Soma frontline boutiques
511,989
—
(7,335)
—
504,654
Soma outlets
35,541
—
—
—
35,541
Total Chico's FAS, Inc.
3,513,444
—
(21,138)
(934)
3,491,372
As of May 5, 2018, the Company also sold merchandise through 94 international franchise locations.
View original content with multimedia: http://www.prnewswire.com/news-releases/chicos-fas-inc-reports-first-quarter-results-300656017.html
SOURCE Chico's FAS, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/30/pr-newswire-chicos-fas-inc-reports-first-quarter-results.html |
ADNOC Distribution, the largest fuel and convenience retailer in the United Arab Emirates (UAE), can play a role in the region's economic transformation, its deputy chief executive told CNBC Wednesday.
"We gain and we succeed through the investment, not just of ADNOC, but across the UAE region and I think it's very good for the region and the volume and margin growth opportunities for the future," John Carey told CNBC's Hadley Gamble .
"Our job within ADNOC is very clear, to deliver on the promises we made to our investors, we have brought foreign investment into the region, building that credibility, building that position, and delivering the results like we've done in the first quarter, that clearly is our role," he said.
Carey's comments come after ADNOC Distribution reported Wednesday a 12.1 percent rise in net profit for its first quarter, from the same period a year ago.
Net profit came in at 542.2 million UAE dirhams ($147.6 million) for the first quarter, while earnings before interest, tax, depreciation and amortization (EBITDA) rose 24.9 percent year-on-year to 702.8 million UAE dirhams.
ADNOC ADNOC distribution service station pumps with logo in daylight. ADNOC Distribution's deputy CEO said the latest earnings would allow the company to invest and expand.
"Based on the first-quarter results, a strong set of financial results, it gives us a really good foundation for the future," Carey said.
ADNOC Distribution has 360 fuel retail sites in the UAE and 235 convenience stores, giving it a 67 percent retail market share. In April, the company secured a trade license to operate in Saudi Arabia.
Carey said the company was "investing heavily" in the technology it uses and the customer experience, including a 100 million UAE dirham investment in technology at its stations.
"We just opened a partnership with Géant (an UAE-based retailer) in our convenience store and we talked about delivering three new stations in Dubai this year," he said.
ADNOC Distribution manages its parent company's — the Abu Dhabi National Oil Company — downstream operations (the processing and distribution of crude oil and gas products).
At the weekend, the CEO of parent group ADNOC unveiled plans to invest $45 billion over the next five years to establish a leading role in the global downstream sector .
"ADNOC continues to be focused on upstream, yet this time around ADNOC will expand its business focus into downstream by creating many multi-billion dollar opportunities in the downstream. We see a huge growth opportunity in the downstream market," Sultan Ahmed Al Jaber told CNBC's Hadley Gamble Sunday during an investment forum hosted by the company in Abu Dhabi. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/the-uaes-largest-fuel-distributor-adnoc-distribution-says-it-can-help-transform-the-region.html |
May 20, 2018 / 5:53 PM / Updated 18 minutes ago Trump says he will ask Justice Dept. to look into campaign surveillance Reuters Staff 2 Min Read
WASHINGTON (Reuters) - U.S. President Donald Trump said on Sunday he would ask the Justice Department to look into whether his 2016 presidential campaign was infiltrated or surveilled by the FBI or the department under the Obama administration. U.S. President Donald Trump gestures as he delivers remarks during the Prison Reform Summit at the White House in Washington, U.S., May 18, 2018. REUTERS/Kevin Lamarque
The Republican president’s pronouncement followed a morning in which he posted seven tweets denouncing as a “witch hunt” the federal investigation of whether his campaign worked with Russia to sway the election.
“I hereby demand, and will do so officially tomorrow, that the Department of Justice look into whether or not the FBI/DOJ infiltrated or surveilled the Trump Campaign for Political Purposes - and if any such demands or requests were made by people within the Obama Administration!” Trump wrote on Twitter.
Earlier, Trump, without naming Special Counsel Robert Mueller, repeated his criticism of the probe as politically motivated. He reprised his attacks on Hillary Clinton, his Democratic challenger in 2016 and maintained that the Democrats were not submitted to the same scrutiny by the FBI.
Trump also implied that the special counsel investigation of whether foreign governments tried to influence the presidential campaign was designed to hurt Republicans in the November congressional elections.
“Now that the Witch Hunt has given up on Russia and is looking at the rest of the World, they should easily be able to take it into the Mid-Term Elections where they can put some hurt on the Republican Party,” he wrote. Reporting by Doina Chiacu; Editing by Lisa Shumaker and Sandra Maler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-trump-russia/trump-says-he-will-ask-justice-department-to-look-into-campaign-surveillance-idUKKCN1IL0PW |
May 2 (Reuters) - British kitchen supplier Howden Joinery Group Plc said on Wednesday its UK revenue increased 14.8 percent in the 16 weeks ended April 21, helped by increased sales volumes and an extra trading week compared with last year.
“Looking forward, we are on track with our plans for the year as a whole and note the tougher comparatives from the prior year as the year progresses,” the company said in a statement.
Reporting by Sangameswaran S in Bengaluru; Editing by Amrutha Gayathri
| ashraq/financial-news-articles | https://www.reuters.com/article/howden-joinery-outlook/kitchen-supplier-howden-joinerys-uk-revenue-rises-nearly-15-pct-idUSL3N1S82PQ |
May 24, 2018 / 1:01 PM / in 16 minutes Golf: Bland and Fitzpatrick set pace at Wentworth Reuters Staff 2 Min Read
LONDON (Reuters) - England’s Richard Bland made the most of ideal conditions to set the early pace at BMW PGA Championship at Wentworth on Thursday, carding a five-under 67 to top the leaderboard.
He was joined on five-under by compatriot Matthew Fitzpatrick who saved par on the last with a chip and a putt after hitting his ball into the water.
Former world number one Rory McIlroy, back at the European PGA’s flagship event for the first time since 2015, was one of the later starters and was one-over after three holes.
Bland, whose best career result came at Wentworth in 2006 when he was fifth, made six birdies during his round, dropping one shot at the par-four sixth.
“I know the results are not showing it but I felt It was trending back in the right direction,” Bland said after shooting his lowest score in 29 rounds at Wentworth.
“It’s just nice to finally see something red for the hours you’ve put in on the range.”
South African duo Dean Burmester and Darren Fichardt also reached five-under late into their opening rounds.
Northern Ireland’s former Open champion Darren Clarke pulled out late on after injuring his ankle the day before. Reporting by Martyn Herman; Editing by Christian Radnedge | ashraq/financial-news-articles | https://in.reuters.com/article/golf-european/golf-bland-and-fitzpatrick-set-pace-at-wentworth-idINKCN1IP21Z |
CLEVELAND, May 8, 2018 /PRNewswire/ -- TransDigm Group Incorporated ("TransDigm Group") (NYSE: TDG) announced today that on May 8, 2018, its wholly-owned subsidiary, TransDigm UK Holdings plc, has successfully completed its previously announced private offering of $500 million aggregate principal amount of 6.875% senior subordinated notes due 2026 (the "Notes").
TransDigm Group intends to use the net proceeds from the offering of the Notes, together with the proceeds of $700 million in additional tranche E term loans, to replenish the cash used to fund the purchase price for its acquisitions of the Kirkhill elastomers business and Extant Components Group Holding, Inc. This cash and the remainder of the net proceeds will be used for general corporate purposes, including potential future acquisitions, dividends or repurchases under its stock repurchase program.
The Notes and related guarantees were offered only to qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A under the Securities Act of 1933 (the "Securities Act"), and outside the United States to non-U.S. persons in reliance on the exemption from registration set forth in Regulation S under the Securities Act. The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act, applicable state securities or blue sky laws and foreign securities laws.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sales of securities mentioned in this press release in any state or foreign jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or foreign jurisdiction.
About TransDigm Group
TransDigm Group, through its wholly-owned subsidiaries, is a leading global designer, producer and supplier of highly engineered aircraft components for use on nearly all commercial and military aircraft in service today. Major product offerings, substantially all of which are ultimately provided to end-users in the aerospace industry, include mechanical/electro-mechanical actuators and controls, ignition systems and engine technology, specialized pumps and valves, power conditioning devices, specialized AC/DC electric motors and generators, NiCad batteries and chargers, engineered latching and locking devices, rods and locking devices, engineered connectors and elastomers, cockpit security components and systems, specialized cockpit displays, aircraft audio systems, specialized lavatory components, seatbelts and safety restraints, engineered interior surfaces and related components, lighting and control technology, military personnel parachutes, high performance hoists, winches and lifting devices, and cargo loading, handling and delivery systems.
Safe Harbor Statement
This press release contains within the meaning of the Private Securities Litigation Reform Act of 1995. All involve risks and uncertainties that could cause TransDigm Group's materially from those expressed or implied in any made by, or on behalf of, TransDigm Group. These risks and uncertainties include but are not limited to: the sensitivity of our business to the number of flight hours that our customers' planes spend aloft and our customers' profitability, both of which are affected by general economic conditions; future geopolitical or worldwide events; cyber-security threats and natural disasters; our reliance on certain customers; the U.S. defense budget and risks associated with being a government supplier; failure to maintain government or industry approvals; failure to complete or successfully integrate acquisitions; our substantial indebtedness; potential environmental liabilities; increases in raw material costs, taxes and labor costs that cannot be recovered in product pricing; risks associated with our international sales and operations; and other risk factors. Further information regarding the important factors that could cause materially from projected results can be found in TransDigm Group's Annual Report on Form 10-K and other reports that TransDigm Group or its subsidiaries have filed with the Securities and Exchange Commission. Except as required by law, TransDigm Group undertakes no obligation to revise or update any contained in this press release.
Contact:
Liza Sabol
Investor Relations
216-706-2945
[email protected]
View original content: http://www.prnewswire.com/news-releases/transdigm-group-announces-successful-completion-of-notes-offering-300644845.html
SOURCE TransDigm Group Incorporated | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-transdigm-group-announces-successful-completion-of-notes-offering.html |
May 15 (Reuters) - CVD Equipment Corp:
* Q1 REVENUE $9.2 MILLION * BACKLOG AS OF MARCH 31, 2018 WAS $9.8 MILLION COMPARED TO $15.5 MILLION ON DECEMBER 31, 2017 Source text for Eikon: Further company coverage:
Our Standards: The Thomson Reuters Trust Principles. | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cvd-reports-q1-earnings-per-share/brief-cvd-reports-q1-earnings-per-share-0-09-idUSASC0A2F9 |
(Reuters) - Marathon Petroleum Corp, the second-biggest refining company in the United States, has asked the Environmental Protection Agency (EPA) for a hardship waiver exempting one of its facilities from the nation’s biofuels law, two sources with knowledge of the application told Reuters.
The request comes as the EPA expands its use of biofuel waivers in a way that has reduced regulatory costs for the oil industry by hundreds of millions of dollars in recent months, but which has also infuriated the powerful corn lobby.
EPA has authority to grant waivers freeing small refineries from their obligation to mix biofuels such as ethanol into their fuel under the Renewable Fuel Standard (RFS) if they can prove complying would cause them “disproportionate economic hardship.”
The waivers can save individual facilities tens of millions of dollars in regulatory costs, adding to a company’s bottom line.
Ohio-based Marathon made the waiver application for one of its facilities for the 2017 calendar year, according to the sources, who asked not to be named. The sources did not specify which facility the waiver would cover and did not know whether EPA had made a decision.
Marathon spokesman Jamal Kheiry declined to comment and EPA spokesman Jahan Wilcox did not respond to requests for comment.
Marathon’s smallest refinery is a 93,000 barrel per day plant in Canton, Ohio. While that plant has a nameplate capacity above the 75,000 bpd threshold that EPA uses for “small refineries,” the facility could meet the criteria by operating at reduced rates. Refineries typically bring down units at least once a year for maintenance work, limiting production.
It is also possible that Marathon made the request for a portion of one of its larger refining complexes, such as its Galveston Bay refinery in Texas, arguing that certain parts of the complex operate distinctly.
EXPANDED PROGRAM An EPA source said earlier this year that the agency has granted more than two dozen small refinery waivers for 2017 in recent months, a level that former officials say is about triple the number given each year under previous administrations.
The expanded use of biofuel waivers under President Donald Trump’s administration has been a flashpoint between the oil and corn industries. While refining industry representatives have said EPA is required to provide such exemptions to qualifying facilities, corn-state Republicans have said the program is being abused in a way that hurts corn farmers.
Republican Senator Chuck Grassley of Iowa said in an emailed statement that the move was a sign of “how broken this process is.”
“NOTE TO EPA definition of hardship: a condition that is difficult to endure, suffering, deprivation, oppression,” Grassley said separately on Twitter. “Surely Marathon doesn’t qualify for a waiver They had a net income of $3.4B in 2017 BILLIONS IN PROFITS ISNT HARDSHIP.”
He and other lawmakers have pressed the EPA to curb the exemptions and to name the companies that have received them.
EPA does not reveal the names of waiver applicants or recipients - arguing the information is confidential.
Sources familiar with the matter have told Reuters that large U.S. refiner Andeavor and billionaire Carl Icahn’s CVR Energy were among the companies that had been granted waivers recently – showing EPA is willing to award exemptions to plants owned by big, profitable companies.
Andeavor, which recorded net profits of $1.4 billion in 2017, said this month it saved $100 million in costs from waivers.
Majors Chevron Corp and ExxonMobil Corp have also asked for relief for smaller units, according to sources, though it is unclear if their requests were granted.
Marathon, which owns six refineries and sells gasoline through independent retailers and its Speedway unit, booked net income of $3.4 billion in 2017. It recently announced it is buying Andeavor in a $23.3 billion deal that would make it the nation’s largest refiner.
“This is the theater of the absurd. Marathon wants a small refinery hardship waiver at the very moment it is seeking to become the nation’s largest refiner,” Brooke Coleman, head of the Advanced Biofuels Business Council, said.
“The federal government should be protecting consumers by scrutinizing mergers like this instead of handing out dividends to multibillion dollar oil companies seeking to monopolize critical energy sectors.”
Prices of the biofuel blending credits that refiners need to prove compliance with the RFS, known as Renewable Identification Numbers (RINs), have fallen to five-year lows in recent weeks as the increase in hardship waivers has turned traditional buyers of credits into sellers.
Marathon has long called for a legislative overhaul of the RFS to ease the burden on refiners but began investing years ago in terminal blending capacity to help curb its RIN expenses.
Chief Financial Officer and Senior Vice President Timothy Griffith in April 2017 told investors and analysts on a conference call that the costs associated with the RFS are “incorporated into our trading and pricing decision and ultimately recovered and passed on to consumers.”
Reporting by Jarrett Renshaw and Chris Prentice in New York; Editing by Cynthia Osterman and Susan Thomas
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-biofuels-marathon-pete-exclusive/exclusive-u-s-refining-giant-marathon-seeks-epa-biofuel-waiver-sources-idUSKCN1IO1I8 |
Jay-Z arrives at SEC offices for deposition 1 Hour Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/15/jay-z-sec.html |
May 1 (Reuters) - BOD Australia Ltd:
* HUMAN RESEARCH ETHICS COMMITTEE GRANTED CO FULL ETHICS APPROVAL TO BEGIN CANNABIS PHASE I CLINICAL TRIALS Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-bod-australia-updates-on-approval/brief-bod-australia-updates-on-approval-for-clinical-trials-idUSFWN1S71EL |
Yale’s Robert Shiller suggests bitcoin’s future is in jeopardy 35 Mins Ago Nobel Prize-winning economist Robert Shiller questions whether bitcoin will be around in 100 years; he discusses with Sara Eisen. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/29/yales-robert-shiller-suggests-bitcoins-future-is-in-jeopardy.html |
May 9, 2018 / 10:45 AM / Updated 15 minutes ago Novartis says ended contract with firm linked to Trump lawyer Reuters Staff 2 Min Read
ZURICH (Reuters) - Novartis has ended a contract with a U.S. firm linked to U.S. President Donald Trump’s lawyer, Michael Cohen, and has cooperated with a special counsel looking into potential meddling in the 2016 U.S. election, the Swiss drugmaker said. FILE PHOTO: Swiss drugmaker Novartis' logo is seen at the company's plant in the northern Swiss town of Stein, Switzerland October 23, 2017. REUTERS/Arnd Wiegmann/File Photo
It was responding to remarks by an attorney for porn star Stormy Daniels that Novartis was among companies that made payments to Cohen’s Essential Consultants outfit in late 2017 and early 2018.
“In February 2017, Novartis entered into a one-year agreement with Essential Consultants shortly after the election of President Trump focused on U.S. healthcare policy matters. The terms were consistent with the market. The agreement expired in February 2018,” Novartis said in a statement on Wednesday.
It reiterated that it engaged Essential Consultants before Vas Narasimhan became Novartis chief executive in February, adding: “Dr. Narasimhan had no involvement whatsoever with this arrangement.”
Novartis said it had been contacted in November 2017 by lawyers from Special Counsel Robert Mueller’s office regarding the agreement with Essential Consultants.
“Novartis cooperated fully with the Special Counsel’s office and provided all the information requested. Novartis considers this matter closed as to itself and is not aware of any outstanding questions regarding the agreement.”
Daniels, whose real name is Stephanie Clifford, has said Cohen paid her $130,000 in October 2016 to stay quiet about a 2006 sexual encounter she had with Trump.
Russia denies U.S. intelligence agencies’ accusations it meddled in the election, and Trump has denied any collusion. He also denies having had an affair with Daniels. Reporting by John Miller and Michael Shields | ashraq/financial-news-articles | https://in.reuters.com/article/usa-trump-daniels-novartis/novartis-says-ended-contract-with-firm-linked-to-trump-lawyer-idINKBN1IA1EW |
May 7, 2018 / 3:05 PM / Updated an hour ago Palestinians condemn UAE, Bahrain presence in cycle race in Israel Ali Sawafta 4 Min Read
RAMALLAH, West Bank (Reuters) - Palestinians have expressed outrage at teams from the United Arab Emirates and Bahrain for taking part in the opening legs of the Giro d’Italia cycling race in Israel over the weekend, which they say undermined Arab solidarity with their cause. FILE PHOTO: Professional cyclists ride around the track during the unveiling of Israel's first Velodrome in Tel Aviv, Israel May 1, 2018. REUTERS/Nir Elias
The presence of the Gulf states’ teams in the top cycling race — which has now moved on to its home territory in Italy — broke a boycott of Israel in place since the start of the Arab-Israeli conflict in 1948.
In an unusually barbed statement to a fellow Arab country, the Palestinian Olympic Committee said their participation was “a stab in the back to the great sacrifices made by the Palestinian people ... and a free service for the occupation.”
UAE officials did not immediately respond to Reuters’ requests for comment and Bahrain’s ministry of information referred questions to the team itself. Neither of the teams immediately responded to emailed inquiries.
None of the cyclists in either of the 8-men teams — Bahrain–Merida and UAE Team Emirates — appeared to be Bahraini or Emirati citizens and were almost all European, according to profiles on the event’s official website.
However, in an important break with traditional Arab protocols on events in Israel, the riders wore jerseys emblazoned with national colours and brand names of sponsors, state-owned Emirates Airlines and the Bahrain Petroleum Company, the official twitter accounts for the team websites showed.
Individual Israel athletes have periodically participated in sporting events in Gulf Arab states, such as a tennis player at the Qatar Open in January. But team participation and the display of flags have previously been rare.
The move comes as Palestinian anger has mounted over the United States moving its embassy to Jerusalem, expected next week, and Palestinians mark the 70th anniversary of what they call the “Nakba” or “Catastrophe” when hundreds of thousands fled or were driven out of their homes when the state of Israel was created in 1948.
The Gulf teams’ participation in a race in Israel may signal thawing ties among the U.S.-allied states who share a common enemy in Iran but drew some accusations that they were abandoning the Palestinian cause.
Along with most other Arab and Muslim states, the two countries do not recognise Israel out of solidarity with Palestinians who seek a state in Gaza and the Israeli-occupied West Bank and East Jerusalem.
Malak Hassan, founder of a 3000-strong club Cycling Palestine, condemned the move and said Israeli checkpoints barred her and fellow bike enthusiasts from travelling freely.
“We were shocked ... Israel is trying to polish its image by hosting this race,” she told Reuters in the occupied West Bank city of Ramallah.
“The UAE and Bahrain know a lot about our cause and there was no need for us to explain to them why they shouldn’t take part,” she added. “NORMALIZATION”
Saudi Arabia, the powerful main ally of the two smaller Gulf states, has been working closely with the United States on a new Mideast peace plan in a bid to solve the 70-year-old conflict as Israeli and Arab worries rise over Tehran’s regional influence.
In November, an Israeli cabinet member disclosed covert contacts with Riyadh, a rare acknowledgment of long-rumoured secret dealings which the kingdom still denies.
Saudi Arabia’s crown prince, Mohammed bin Salman, said in a published interview last month that Israelis were entitled to live peacefully on their own land, in a rare acknowledgement of Israel’s right to exist by a senior Arab leader.
While official ties may be quietly improving, the diplomatic moves are viewed with suspicion by many Arabs for whom Jerusalem and Palestinian statehood are treasured causes.
“It’s a mistake,” Abdullah al-Shayji, a professor at Kuwait University, wrote on his Twitter account about the Gulf teams racing in Israel.
“Normalization with the occupation entity should be rejected, no matter what form it takes.” Writing by Noah Browning; Editing by Michael Georgy and Toby Chopra | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-cycling-giro-israel/palestinians-condemn-uae-bahrain-presence-in-cycle-race-in-israel-idUKKBN1I81NA |
May 14 (Reuters) - DATA Communications Management Corp :
* Q1 REVENUE ROSE 26.2 PERCENT TO C$88.5 MILLION * QTRLY EARNINGS PER SHARE $0.09 Source text for Eikon: Further company coverage: ([email protected])
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-data-communications-management-pos/brief-data-communications-management-posts-qtrly-eps-of-0-09-idUSASC0A1VV |
May 11, 2018 / 4:33 PM / Updated an hour ago Springboks scrap ban on overseas-based players Mark Gleeson 3 Min Read
CAPE TOWN (Reuters) - South Africa have scrapped a ban on picking overseas-based players, opening the way for new coach Rassie Erasmus to name a full-strength side to take on England in their three test series next month. FILE PHOTO: South Africa's rugby team new coach Rassie Erasmus gestures during a media briefing in Johannesburg, South Africa, March 1, 2018. REUTERS/Siphiwe Sibeko
Governing body, SA Rugby, ended the overseas-based player policy just over a year after bringing it into effect.
The rule prevented the Springboks from selecting overseas-based players who had fewer than 30 test caps.
The measure was an attempt to stem a growing tide of players leaving South Africa to sign more lucrative contracts at clubs in Britain, France, Ireland and Japan.
It was set to be lifted next year in preparation for the 2019 World Cup.
“Rassie is in his last year of preparation before the World Cup, so he can select any overseas-based player,” SA Rugby president Mark Alexander told reporters.
“He has just 18 tests in which to prepare for the World Cup, so we gave him grace.
“Rassie has already spoken to a few players who are playing overseas. From now until the World Cup, he wants to give as many players as possible the chance to show what they can do for the Boks.” FILE PHOTO: Rugby Union - Premiership - Sale Sharks vs Exeter Chiefs - A J Bell Stadium, Salford, Britain - October 27, 2017 Sale Sharks' Faf De Klerk looks dejected Action Images/Jason Cairnduff/File Photo
It was not immediately clear if the ban on overseas players was being scrapped permanently or just until the end of the next World Cup.
Erasmus is likely to grab the opportunity and bring back scrumhalf Faf de Klerk, considered among the outstanding performers in this season’s English Premiership.
De Klerk had won 11 caps before he left the Lions to play for the Sale Sharks.
The decision also offers Saracens prop Vincent Koch and Wasps’ Juan de Jongh a chance to get back into the Springbok squad.
Erasmus’s first test in charge is against Wales in Washington DC on June 2, a week before South Africa’s first clash against England.
The new coach has just over a year to prepare for the next World Cup in Japan, where the Boks meet defending champions New Zealand in their opening game in Yokohama on Sept. 21, 2019.
A talent drought continues to be a major concern for South African rugby.
The weakness of the South African rand means local teams cannot compete with offers from other top leagues with the Free State Cheetahs, who have just completed their maiden season in the PRO-14, set to lose 11 players to overseas clubs. Editing by Toby Davis | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-rugby-union-zaf/springboks-scrap-ban-on-overseas-based-players-idUKKBN1IC22G |
MONTREAL, May 15, 2018 (GLOBE NEWSWIRE) -- Quinto Resources Inc. (TSX-V:QIT) (“Quinto” or the “Company”) is pleased to announce that it has entered into a letter of intent to acquire a private Canadian company, Conga Mining Inc. (to be renamed “Combia Gold Inc.”) (“Combia”), which holds the right to acquire the Combia project (also known as the Guamo Project) (the “Combia Project”) in the Antioquia Region, Colombia, approximately 140 km east of Medellin (the “Transaction”). The Combia Project is comprised of 6 wholly-owned titles and 66% of a title covering an area of approximately 64 hectares, as well as a mill operating at a current production rate of 40 tons/day.
In consideration for the acquisition of all of the shares of Combia, the proposed terms would involve Quinto issuing to Combia Shareholders, in exchange for their Combia shares, an aggregate of 40 million common shares of Quinto, with 20 million common shares issued at closing (“Closing”) and 10 million common shares to be issued 5 months from Closing and 10 months from Closing, respectively. The terms relating to the Transaction are non-binding and are subject to Quinto’s completion of due diligence, the successful negotiation and execution of a definitive agreement during an exclusivity period ending on August 15, 2018 and receipt of TSX Venture Exchange acceptance of the Transaction. Combia has commissioned the preparation of an independent technical report for the Combia Project, which technical report Quinto expects to receive during its due diligence review. In consideration of the exclusivity provided to Quinto, Quinto has agreed to pay a US$100,000 fee to Combia if it does not complete the Transaction.
Combia is party to an agreement to acquire the Combia Project from its Colombian vendors (the “Vendors”), and Combia has advised that it is to make the following payments to the Vendors: (a) US$1 million at Closing; (b) US$1 million on the day which falls 5 months from Closing; and (c) US$700,000 on the day which falls 10 months from Closing. In addition, Combia must raise gross proceeds of at least US$1 million to fund exploration work on the Combia Project or the purchase of equipment or upgrades therefor, which amount must be spent during the 8 months following Closing. Quinto would assume responsibility for these requirements if it were to proceed with the Transaction.
A finder’s fee is payable to an arm’s length third party in connection with and upon completion of the Transaction.
About Quinto
Quinto Resources Inc. (TSX-V:QIT) is a Canadian gold exploration Company. It has an option to earn a 100% interest in the Campo Largo gold project in Brazil, and owns a 5% interest in the Monster Lake property (IAMGOLD: 50%/TomaGold: 45%) in Quebec, Canada.
For more information, contact:
Michael Curtis
President and Chief Executive Officer
(514) 793-1915
[email protected]
www.quintocorp.com Louis Morin
The Ask Marketing Services Inc.
(514) 947-5784 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This press release contains “forward-looking information” within the meaning of applicable Canadian securities laws. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as the successful completion of the Transaction. Such forward-looking information is based on a number of material factors and assumptions, including that the parties will be able to negotiate definitive agreements in respect of the Transaction, and that the Company and Combia will be able to satisfy the conditions precedent to closing of the Transaction. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com . Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Source: Ressources Quinto inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/globe-newswire-quinto-announces-letter-of-intent-to-acquireacombia-project-in-colombia.html |
minute ago FACTBOX-Rugby-List of English rugby champions Reuters Staff 2 Min Read May 26 (Reuters) - A list of English rugby champions after Saracens beat Exeter Chiefs in Saturday's Premiership final. Since the 2002-03 season, the league winners have been determined by playoffs and a final at Twickenham, having previously been determined by a purely league system. YEAR WINNER 1987-88 Leicester Tigers 1988-89 Bath 1989-90 Wasps 1990-91 Bath 1991-92 Bath 1992-93 Bath 1993-94 Bath 1994-95 Leicester Tigers 1995-96 Bath 1996-97 Wasps 1997-98 Newcastle Falcons 1998-99 Leicester Tigers 1999-00 Leicester Tigers 2000-01 Leicester Tigers 2001-02 Leicester Tigers Introduction of final at Twickenham YEAR WINNER RUNNERS-UP 2002-03 Wasps 39-3 Gloucester 2003-04 Wasps 10-6 Bath 2004-05 Wasps 39-14 Leicester Tigers 2005-06 Sale Sharks 45-20 Leicester Tigers 2006-07 Leicester Tigers 44-16 Gloucester 2007-08 Wasps 26-16 Leicester Tigers 2008-09 Leicester Tigers 10-9 London Irish 2009-10 Leicester Tigers 33-27 Saracens 2010-11 Saracens 22-18 Leicester Tigers 2011-12 Harlequins 30-23 Leicester Tigers 2012-13 Leicester Tigers 37-17 Northampton Saints 2013-14 Northampton Saints 24-20 Saracens (after extra time) 2014-15 Saracens 28-16 Bath 2015-16 Saracens 28-20 Exeter Chiefs 2016-17 Exeter 23-20 Wasps (after extra time) 2017-18 Saracens 27-10 Exeter Chiefs (Compiled by Shrivathsa Sridhar in Bengaluru; editing by Clare Fallon) | ashraq/financial-news-articles | https://uk.reuters.com/article/rugby-union-england-final-winners/factbox-rugby-list-of-english-rugby-champions-idUKL3N1SX064 |
MariMed’s management expertise in cannabis driving dramatic increased revenue at client facilities 3 years of year over year quarterly earnings growth Continue to raise capital and reduce debt
NEWTON, MA, May 16, 2018 (GLOBE NEWSWIRE) -- MariMed Inc. (OTCQB: MRMD), a professional management company in the emerging medical cannabis industry, today reported first quarter financial results for 2018, posting consecutive year over year increased Q1 quarterly revenue since 2015.
MariMed Quarterly Revenue 2015 2016 2017 2018 Q1 $ 100,496 $ 610,541 $ 1,150,219 $ 2,082,950 Q2 $ 65,073 $ 714,434 $ 1,621,057 --- Q3 $ 428,555 $ 912,181 $ 1,915,697 --- Q4 $ 675,735 $ 1,326,964 $ 1,527,557 ---
“MariMed continues on a solid trajectory of year over year growth that it has achieved each quarter since 2015,” stated Robert Fireman, CEO of MariMed Inc. “Our new Maryland cultivation and production facility, which came online in Q1, will bring increased rent, management and licensing fees, adding to our existing revenue streams from facilities in Illinois, Delaware, and Nevada. We anticipate increases in our revenue from our assets as the cannabis business in Maryland and Massachusetts continues to expand.”
FINANCIAL HIGHLIGHTS
Revenue: $2.08 million in first quarter of 2018, compared to $1.15 million first quarter of 2017, an increase of 81%. The increase is primarily due to the expanding operations of MariMed’s medical marijuana clients from real estate revenue, management fees and licensing fees.
Debt Reduction: reduced liabilities by $1.5 million through the conversion of $0.98 million of promissory notes into Common Stock and retiring $500,000 of additional promissory notes.
OPERATIONS HIGHLIGHTS
Corporate:
Capital Raised: raised approximately $1.5 million in equity through the sale of its 144 Common Stock in private placement in 2018 at prices averaging 15% below the market price.
Growth in Multiple States: MariMed continued expanding its operations in cannabis-licensed states:
Maryland
·Kind Therapeutics USA began production of products from first crops under MariMed guidance.
·Began distribution of Nature’s Heritage Cannabis™, MariMed’s new branded strains and products.
·Began cultivation of Tikun Olam™ branded cannabis strains that have been proven effective in clinical research trials.
Massachusetts
Continued construction of 68,000 sq. ft. state-of-the-art cultivation and production cannabis facility in New Bedford. Constructing licensed cannabis dispensary in Middleborough. Actively pursuing permit approval for development of two additional dispensaries in Boston area.
Nevada
Expanded Kalm Fusion ™ Popcorn and Powdered Tincture into medical and recreational dispensaries.
Delaware, Illinois, Maine
Continued distribution of licensed Kalm Fusion and Betty’s Eddies ™ brands to 57 additional medical cannabis dispensaries.
Branded Products
Introduced MariMed’s new Nature’s Heritage Cannabis brand, MariMed’s branded products and flower grown by Kind Therapeutics USA to approximately 35 newly opened medical cannabis dispensaries in Maryland. Continue to expand licensing sales of MariMed Brands, Kalm Fusion and Betty’s Eddies.
“We raised approximately $1.5 million in capital and reduced our debt by approximately $ 1.5 million in the quarter,” noted Jon Levine, MariMed CFO. “We are displaying to investors and shareholders our consistent performance on quarter over quarter growth.”
MariMed had $251,166 of operating income in first quarter of 2018, an increase from $228,552 in the comparable quarter in 2017. MariMed incurred a net loss of $1.83 million in the first quarter of 2018, versus net income of $0.11 million in the first quarter of 2017. The loss is primarily due to non-cash equity compensation and debt settlements in 2018 that have no impact on operations/cashflow.
Outlook for 2018
“As cannabis legalization takes effect on July 1 in Massachusetts, we expect to supply dispensaries with our branded marijuana products across the state,” said Mr. Fireman. “We are scheduled to open our first dispensary in Massachusetts the third quarter of 2018, further bolstering our ongoing revenue streams from managed services and the leasing of our cannabis facilities.”
“With each new client, we generate significant revenue from fees for leases, licenses and managed services,” Jon Levine, continued. “We expect incremental growth in licensing from new product lines and organic growth from product sales as our licensed Nature’s Heritage Cannabis, Kalm Fusion, Betty’s Eddies, Tikun Olam and Lucid Mood brands gain loyal followings in each current market and as we expand our national distribution network to additional states.”
“Building upon our diverse platform, we are continuing to raise capital for new business and product development, strategic acquisitions and expansion of infrastructure that will enable us to take advantage of this critical time in the industry,” concluded Mr. Fireman.
MariMed’s full financial results are available on MariMed’s website ( ir.marimedadvisors.com/quarterly-reports ) and at www.sec.gov
Search MariMed and post on social media with the hash tag #MedicatedByMarimed:
Twitter: @MariMedInc
Facebook: @MariMedInc
Instagram: MariMedInc
YouTube: MariMedInc
# # #
About MariMed Inc.:
MariMed designs, develops, finances, and optimizes the success of medical cannabis cultivation, production, and dispensary facilities through its validated management. MariMed’s team has developed or is in the process of developing state-of-the-art regulatory-compliant facilities in DE, IL, NV, MD, MA, and RI. These facilities are models of excellence in horticultural principals, cannabis production, product development, and dispensary operations. In addition, MariMed is on the forefront of precision dosed branded products for the treatment of specific medical symptoms. MariMed currently distributes its branded products in select states and is expanding licensing and distribution to numerous additional states encompassing thousands of dispensaries. MariMed Inc. is one of the 17 top-performing public cannabis companies in the U.S. tracked on the U.S. Marijuana Index , ( www.marijuanaindex.com ). For additional information, visit www.MariMedAdvisors.com
Forward Looking Statements:
This release contains certain forward-looking statements and information relating to MariMed Inc., that is based on the beliefs of MariMed Inc.’s management, as well as assumptions made by and information currently available to the Company. Such statements reflect the current views of the Company with respect to future events including estimates and projections about its business based on certain assumptions of its management, including those described in this Release. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict, including, among other factors, changes in demand for the Company's services and products, changes in the law and its enforcement and changes in the economic environment. Additional risk factors are included in the Company's public filings with the SEC. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as "hoped," "anticipated," "believed," "planned, "estimated," "preparing," "potential," "expected" or words of a similar nature. The Company does not intend to update these forward-looking statements. None of the content of any of the websites referred to herein (even if a link is provided for your convenience) is incorporated into this release and the Company assumes no responsibility for any of such content.
Media Contacts: For MariMed Business Development Jon Levine, CFO, MariMed [email protected] 781-559-8713 Investor Relations Tyler Troup, Circadian Group [email protected] +1 (866) 950 8300 Media Relations Julie Shepherd, Accentuate PR [email protected] 847-275-3643
Source:MariMed Inc | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/16/globe-newswire-marimed-posts-2-point-08-million-in-q1-2018-revenue-an-81-percent-increase.html |
May 10 (Reuters) - Mountain Province Diamonds Inc:
* MOUNTAIN PROVINCE DIAMONDS INC - QTRLY EARNINGS FROM MINE OPERATIONS $0.00 PER SHARE
* MOUNTAIN PROVINCE DIAMONDS INC - QTRLY TOTAL SALES OF $67 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-mountain-province-diamonds-qtrly-e/brief-mountain-province-diamonds-qtrly-earnings-from-mine-operations-0-00-per-share-idUSFWN1SH1NQ |
SEOUL (Reuters) - South Korea said on Wednesday that an impending deal with General Motors to refinance its local unit will ensure the U.S. automaker remains in the country for at least 10 years, as its rights to sell shares and assets will be curtailed.
FILE PHOTO: South Korean Finance Minister Kim Dong-yeon attends IMFC plenary during the IMF/World Bank spring meeting in Washington, U.S., April 21, 2018. REUTERS/Yuri Gripas GM and South Korea reached a preliminary agreement last month to inject $4.35 billion into the loss-making unit to keep it afloat. GM has also announced plans to close one of its four South Korean plants, cut headcount by almost 3,000 and has reached a deal on wages with its workers.
“At least 10 years will be guaranteed,” Finance Minister Kim Dong-yeon said in a radio interview, adding that one key condition of the deal will be Korea Development Bank, which owns 17 percent of GM Korea, regaining veto power over asset sales.
“We will make sure GM contributes to the South Korean economy by running normal operations for the long term,” he said.
While a final agreement is expected this week, industry watchers are sceptical this will mean the end of restructuring for the unit, as the automaker’s sale of its Opel brand in Europe last year is expected to further hit production levels.
“I expect GM to restructure its South Korean unit on a regular basis,” said Lee Hang-koo, a senior researcher at the Korea Institute for Industrial Economics and Trade.
The preliminary agreement with GM calls for the state-run bank to regain the power to block the sale of more than 20 percent of the unit’s assets, a KDB official has previously said. The veto right, which had been in place since 2002 when GM acquired failed Daewoo Motors, expired in October.
GM is expected to extend loans of up to $3.6 billion while KDB is set to inject $750 million, the finance minister said.
A GM Korea spokesman declined to comment, saying talks are ongoing. KDB also declined to comment.
Kaher Kazem, GM Korea’s CEO, said in an internal letter on Tuesday that it plans to reach a binding, final agreement with the government on Friday.
GM relies on its plants as a key export hub, building vehicles for the United States and other countries but production needs dropped after GM decided in 2013 to pull its Chevy brand from Europe.
The U.S. automaker has said it will introduce two new models to South Korea to boost sagging utilisation rates.
Reporting by Hyunjoo Jin and Joyce Lee; Additional reporting by Ju-min Park; Editing by Edwina Gibbs
| ashraq/financial-news-articles | https://in.reuters.com/article/gm-southkorea/south-korea-finance-minister-says-gm-agrees-to-limit-right-to-sell-shares-in-south-korean-business-idINKBN1I93I8 |
Political novice Conte named Italy's new PM 8:47am BST - 02:00
Giuseppe Conte, the law professor named as Italian prime minister on Wednesday after surviving accusations he inflated his academic credentials, must now prove he can lead the euro zone's third largest economy with no political experience.
Giuseppe Conte, the law professor named as Italian prime minister on Wednesday after surviving accusations he inflated his academic credentials, must now prove he can lead the euro zone's third largest economy with no political experience. //uk.reuters.com/video/2018/05/24/political-novice-conte-named-italys-new?videoId=429807514&videoChannel=13422 | ashraq/financial-news-articles | https://uk.reuters.com/video/2018/05/24/political-novice-conte-named-italys-new?videoId=429807514 |
Financial and Operating Results Highlight Strong Start to the Year
BOSTON, May 07, 2018 (GLOBE NEWSWIRE) -- Carbonite, Inc. (NASDAQ: CARB), a leader in data protection, today announced the quarter ended March 31, 2018.
First Quarter 2018 Highlights:
Revenue of $64.0 million increased 12% year-over-year.
Non-GAAP revenue of $64.9 million increased 10% year-over-year. 1
Bookings of $67.6 million increased 9% year-over-year. 2
Net income per share was $0.42 (basic) and $0.40 (diluted), as compared to $0.27 in 2017 (basic and diluted).
Non-GAAP net income per share was $0.29 (basic) and $0.27 (diluted), as compared to $0.09 (basic and diluted) in 2017. 4
“Q1 was a great start to the year for Carbonite. We closed the Mozy acquisition, and we started integrating and onboarding the team. We continue to successfully execute our strategy, building the leading data protection platform for businesses, positioning us well to serve a large and growing market opportunity,” said Mohamad Ali, CEO of Carbonite.
“In the first quarter we delivered financial results that were at or above the top of our guidance range. At the same time, we are making the system and platform investments that will allow us to continue to drive meaningful operating synergies over time. Our Q1 results coupled with the acquisition of Mozy position us well for continued growth and profitability expansion,” said Anthony Folger, CFO of Carbonite.
The Company uses a variety of operational and financial metrics, including non-GAAP financial measures, to evaluate its performance and financial condition. The accompanying financial data includes additional information regarding these metrics and a reconciliation of non-GAAP financial information to GAAP. The presentation of non-GAAP financial information should not be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
First Quarter 2018 Results:
Revenue for the first quarter was $64.0 million, an increase of 12% from $57.1 million in the first quarter of 2017. Non-GAAP revenue for the first quarter was $64.9 million, an increase of 10% from $59.1 million in the first quarter of 2017. 1
Bookings for the first quarter were $67.6 million, an increase of 9% from $62.1 million in the first quarter of 2017. 2
Gross margin for the first quarter was 71.4%, compared to 69.6% in the first quarter of 2017. Non-GAAP gross margin was 76.1% in the first quarter, compared to 73.8% in the first quarter of 2017. 3
Net income for the first quarter was $11.9 million, compared to net income of $7.6 million in the first quarter of 2017. Non-GAAP net income for the first quarter was $8.1 million, compared to non-GAAP net income of $2.5 million in the first quarter of 2017. 4
Net income per share for the first quarter was $0.42 (basic) and $0.40 (diluted), compared to net income per share of $0.27 (basic and diluted) in the first quarter of 2017. Non-GAAP net income per share was $0.29 (basic) and $0.27 (diluted) for the first quarter, compared to non-GAAP net income per share of $0.09 (basic and diluted) in the first quarter of 2017. 4
Cash flow from operations for the first quarter was $3.3 million, compared to $7.6 million in the first quarter of 2017. Adjusted free cash flow for the first quarter was $2.4 million, compared to $2.3 million in the first quarter of 2017. 5
1 Non-GAAP revenue excludes the impact of purchase accounting adjustments for acquisitions. 2 Bookings represent the aggregate dollar value of customer subscriptions and software arrangements, which may include multiple revenue elements, such as software licenses, hardware, professional services and post-contractual support, received during a period and are calculated as revenue recognized during a particular period plus the change in total deferred revenue, excluding deferred revenue recorded in connection with acquisitions, divestitures and the adoption impact of Topic 606, net of foreign exchange and the change in unbilled revenue during the same period. 3 Non-GAAP gross margin excludes the impact of purchase accounting adjustments on acquired deferred revenue, amortization expense on intangible assets, stock-based compensation expense, and acquisition-related expense. 4 Non-GAAP net income and non-GAAP net income per share excludes the impact of purchase accounting adjustments on acquired deferred revenue, amortization expense on intangible assets, stock-based compensation expense, litigation-related expense, restructuring-related expense, acquisition-related expense, non-cash convertible debt interest expense and the income tax effect of non-GAAP adjustments. 5 Adjusted free cash flow is calculated by subtracting the cash paid for the purchase of property and equipment and adding the payments related to acquisitions, restructuring, and litigation from net cash provided by operating activities. Business Outlook
Based on the information available as of May 7, 2018, Carbonite expects the following for the second quarter and full year of 2018:
Second Quarter 2018:
Current Guidance
(5/7/2018) GAAP Revenue $75.8 - $77.8 million Non-GAAP Revenue $78.0- $80.0 million Non-GAAP Net Income Per Share $0.34 - $0.38 Full Year 2018:
Prior Guidance
(2/13/2018) Current Guidance
(5/7/2018) Business Bookings $223.8 - $234.8 million $223.8 - $234.8 million Consumer Bookings Y/Y Growth 5% - 15% growth 5% - 15% growth GAAP Revenue $294.0 - $304.0 million $296.9 - $306.9 million Non-GAAP Revenue $302.5 - $312.5 million $302.5 - $312.5 million Non-GAAP Net Income Per Share (Diluted) $1.45 - $1.55 $1.51 - $1.59 Non-GAAP Gross Margin 76.0% - 77.0% 76.0% - 77.0% Adjusted Free Cash Flow $32.0 - $38.0 million $32.0 - $38.0 million Carbonite’s expectations of non-GAAP net income per share for the second quarter and full year of 2018 excludes the impact of purchase accounting adjustments on acquired deferred revenue, amortization expense on intangible assets, stock-based compensation expense, litigation-related expense, restructuring-related expense, non-cash convertible debt interest expense, and the income tax effect of non-GAAP adjustments. Non-GAAP net income per share assumes an effective tax rate of 8% for the full year of 2018. Non-GAAP net income per share assumes fully-diluted weighted average shares outstanding of approximately 31.2 million for the second quarter and 31.3 million for the full year of 2018.
Conference Call and Webcast Information
Carbonite will host a conference call on Monday, May 7, 2018 at 5:30 p.m. ET to review these results. This call will be webcast live and can be found in the investor relations section of the Company's website at http://investor.carbonite.com . The conference call can also be accessed by dialing (877) 303-1393 in the United States or (315) 625-3228 internationally with the passcode 9759657.
Following the completion of the call, a recorded replay will be available on the Company’s website, http://investor.carbonite.com , under “Events & Presentations”.
Non-GAAP Financial Measures
To supplement our consolidated financial statements presented in accordance with GAAP, this press release contains non-GAAP financial measures, including bookings, non-GAAP revenue, non-GAAP gross margin, non-GAAP net income and non-GAAP net income per share, non-GAAP operating expense and adjusted free cash flow.
The Company believes that these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and ordinary results of operations. The Company’s management uses these non-GAAP measures to compare the Company’s performance to that of prior periods and uses these measures in financial reports prepared for management and the Company’s board of directors. The Company believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with other software-as-a-service companies, many of which present similar non-GAAP financial measures to investors.
The Company does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant items that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management. The Company urges investors to review the reconciliation of its non-GAAP financial measures to the comparable GAAP financial measures provided in the tables at the end of this press release, and not to rely on any single financial measure to evaluate the Company’s business.
With respect to our expectations under "Business Outlook" above, the Company has not reconciled non-GAAP net income per share to net income per share in this press release because we do not provide guidance for stock-based compensation expense, litigation-related expense, acquisition-related expense, amortization expense on intangible assets, non-cash convertible debt interest expense, and the income tax effect of non-GAAP adjustments as we are unable to quantify certain of these amounts that would be required to be included in the GAAP measure without unreasonable efforts. In addition, the Company believes such reconciliations would imply a degree of precision that would be confusing or misleading to investors.
Cautionary Language Concerning Forward-Looking Statements
Certain matters discussed in this press release, including under “Business Outlook,” have " " intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These may generally be identified as such because the context of such statements will include words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "will," "would" or words of similar import. Similarly, statements that describe the Company's future plans, objectives or goals are also . Such are subject to risks, uncertainties and other important factors that could cause actual results and the timing of certain events to differ materially from future results expressed or implied by such . Factors that could cause or contribute to such differences include, but are not limited to, our ability to integrate Mozy into our operations and achieve the expected benefits of the acquisition, our ability to profitably attract new customers and retain existing customers, our dependence on the market for cloud backup services, our ability to manage growth, changes in economic or regulatory conditions or other trends affecting the Internet and the information technology industry, and those discussed in the section titled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 filed with the Securities and Exchange Commission (the "SEC"), which is available on www.sec.gov , and elsewhere in any subsequent periodic or current reports filed by us with the SEC. Except as required by applicable law, we do not undertake any obligation to update our to reflect future events, new information or circumstances.
About Carbonite
Carbonite provides a robust Data Protection Platform for businesses, including backup, disaster recovery, high availability and workload migration technology. The Carbonite Data Protection Platform supports businesses, in locations around the world with secure global cloud infrastructure. To learn more visit www.Carbonite.com.
Investor Relations Contact:
Jeremiah Sisitsky
Carbonite
781-928-0713
[email protected]
Media Contacts:
Caitlin O'Malley
Carbonite
781-928-0762
[email protected]
Carbonite, Inc. Consolidated Statement of Operations (unaudited) (In thousands, except share and per share amounts) Three Months Ended
March 31, 2018 2017 Revenue: Services $ 54,574 $ 50,115 Product 9,452 6,984 Total revenue 64,026 57,099 Cost of revenue: Services 15,330 15,283 Product 557 446 Amortization of intangible assets 2,425 1,626 Total cost of revenue 18,312 17,355 Gross profit 45,714 39,744 Operating expenses: Research and development 12,519 10,327 General and administrative 14,460 12,769 Sales and marketing 19,860 23,071 Amortization of intangible assets 939 450 Restructuring charges 862 — Total operating expenses 48,640 46,617 Loss from operations (2,926 ) (6,873 ) Interest expense (2,601 ) (222 ) Interest income 244 20 Other income (expense), net 12 280 Loss before income taxes (5,271 ) (6,795 ) Benefit for income taxes (17,215 ) (14,390 ) Net income $ 11,944 $ 7,595 Net income per share: Basic $ 0.42 $ 0.27 Diluted $ 0.40 $ 0.27 Weighted-average shares outstanding: Basic 28,341,633 27,821,596 Diluted 30,043,783 28,504,811
Carbonite, Inc. Consolidated Balance Sheets (unaudited) (In thousands) March 31,
2018 December 31,
2017 Assets Current assets Cash and cash equivalents $ 71,009 $ 128,231 Trade accounts receivable, net 31,159 22,219 Prepaid expenses and other current assets 8,680 6,823 Total current assets 110,848 157,273 Property and equipment, net 38,622 28,790 Other assets 10,844 804 Acquired intangible assets, net 138,595 44,994 Goodwill 157,215 80,958 Total assets $ 456,124 $ 312,819 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 9,561 $ 10,842 Accrued expenses 25,165 21,675 Current portion of deferred revenue 116,859 100,241 Total current liabilities 151,585 132,758 Long-term debt 203,398 111,819 Deferred revenue, net of current portion 27,467 24,273 Other long-term liabilities 6,230 5,704 Total liabilities 388,680 274,554 Stockholders’ equity Common stock 305 301 Additional paid-in capital 237,883 233,343 Treasury stock, at cost (27,166 ) (26,616 ) Accumulated deficit (143,520 ) (169,344 ) Accumulated other comprehensive income (58 ) 581 Total stockholders’ equity 67,444 38,265 Total liabilities and stockholders’ equity $ 456,124 $ 312,819
Carbonite, Inc. Consolidated Statement of Cash Flows (unaudited) (In thousands) Three Months Ended
March 31, 2018 2017 Operating activities Net income $ 11,944 $ 7,595 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 6,077 4,884 Amortization of deferred costs 424 — Loss on disposal of equipment 58 — Impairment of capitalized software 653 — Stock-based compensation expense 3,737 2,777 Benefit for deferred income taxes (17,662 ) (14,842 ) Non-cash interest expense related to amortization of debt discount 1,543 — Other non-cash items, net 66 (385 ) Changes in assets and liabilities, net of acquisition: Accounts receivable (4,616 ) 1,212 Prepaid expenses and other current assets 86 (384 ) Other assets (2,211 ) (927 ) Accounts payable (4,214 ) 3,322 Accrued expenses 3,016 (689 ) Other long-term liabilities 252 (96 ) Deferred revenue 4,138 5,094 Net cash provided by operating activities 3,291 7,561 Investing activities Purchases of property and equipment (3,288 ) (6,568 ) Proceeds from sale of property and equipment and businesses 330 295 Proceeds from maturities of derivatives — 370 Purchases of derivatives (1,403 ) (403 ) Payment for intangibles (1,250 ) — Payment for acquisition, net of cash acquired (144,603 ) (59,740 ) Net cash used in investing activities (150,214 ) (66,046 ) Financing activities Proceeds from exercise of stock options 726 2,445 Payments of withholding taxes in connection with restricted stock unit vesting (550 ) (524 ) Proceeds from long-term borrowings, net of debt issuance costs 88,984 39,063 Net cash provided by financing activities 89,160 40,984 Effect of currency exchange rate changes on cash 541 27 Net decrease in cash, cash equivalents and restricted cash (57,222 ) (17,474 ) Cash, cash equivalents and restricted cash, beginning of period 128,231 59,287 Cash, cash equivalents and restricted cash, end of period $ 71,009 $ 41,813
Carbonite, Inc. Reconciliation of GAAP to Non-GAAP Measures (unaudited) (In thousands, except share and per share amounts) Reconciliation of GAAP Revenue to Non-GAAP Revenue Three Months Ended
March 31, 2018 2017 GAAP revenue $ 64,026 $ 57,099 Add: Fair value adjustment of acquired deferred revenue 882 1,988 Non-GAAP revenue $ 64,908 $ 59,087
Reconciliation of GAAP Gross Margin to Non-GAAP Gross Margin Three Months Ended
March 31, 2018 2017 Gross profit $ 45,714 $ 39,744 Gross margin 71.4 % 69.6 % Add: Fair value adjustment of acquired deferred revenue 882 1,988 Amortization of intangibles 2,425 1,626 Stock-based compensation expense 325 231 Acquisition-related expense 54 18 Non-GAAP gross profit $ 49,400 $ 43,607 Non-GAAP gross margin 76.1 % 73.8 %
Calculation of Non-GAAP Net Income and Non-GAAP Net Income per Share
Three Months Ended
March 31, 2018 2017 Net income $ 11,944 $ 7,595 Add: Fair value adjustment of acquired deferred revenue 882 1,988 Amortization of intangibles 3,364 2,076 Stock-based compensation expense 3,737 2,777 Litigation-related expense 17 55 Restructuring-related expense 862 — Acquisition-related expense 3,620 3,023 Non-cash convertible debt interest expense 1,543 — Less: Income tax effect of non-GAAP adjustments 17,845 14,985 Non-GAAP net income $ 8,124 $ 2,529 GAAP net income per share: Basic $ 0.42 $ 0.27 Diluted $ 0.40 $ 0.27 Non-GAAP net income per share: Basic $ 0.29 $ 0.09 Diluted $ 0.27 $ 0.09 GAAP weighted-average shares outstanding: Basic 28,341,633 27,821,596 Diluted 30,043,783 28,504,811 Non-GAAP weighted-average shares outstanding: Basic 28,341,633 27,821,596 Diluted 30,043,783 28,504,811
Reconciliation of GAAP Operating Expense to Non-GAAP Operating Expense Three Months Ended
March 31, 2018 2017 Research and development $ 12,519 $ 10,327 Less: Stock-based compensation expense 687 309 Acquisition-related expense 35 69 Non-GAAP research and development $ 11,797 $ 9,949 General and administrative $ 14,460 $ 12,769 Less: Stock-based compensation expense 2,124 1,957 Litigation-related expense 17 55 Acquisition-related expense 3,490 2,901 Non-GAAP general and administrative $ 8,829 $ 7,856 Sales and marketing $ 19,860 $ 23,071 Less: Stock-based compensation expense 601 280 Acquisition-related expense 41 35 Non-GAAP sales and marketing $ 19,218 $ 22,756 Amortization of intangible assets $ 939 $ 450 Less: Amortization of intangible assets 939 450 Non-GAAP amortization of intangible assets $ — $ — Restructuring charges $ 862 $ — Less: Restructuring-related expense 862 — Non-GAAP restructuring charges $ — $ —
Reconciliation of Revenue to Bookings Three Months Ended
March 31, 2018 2017 GAAP revenue $ 64,026 $ 57,099 Add: Change in deferred revenue 19,812 14,276 Deferred revenue divested 288 — Impact of Topic 606 adoption 3,998 — Less: Impact of foreign exchange 421 153 Beginning deferred revenue from acquisitions 19,610 9,100 Change in unbilled revenue 505 — Change in deferred revenue and adjustments 3,562 5,023 Bookings $ 67,588 $ 62,122
Calculation of Adjusted Free Cash Flow Three Months Ended
March 31, 2018 2017 Net cash provided by operating activities $ 3,291 $ 7,561 Subtract: Purchases of property and equipment 3,288 6,568 Free cash flow 3 993 Add: Acquisition-related payments 1,647 1,230 Restructuring-related payments 665 — Litigation-related payments 127 32 Adjusted free cash flow $ 2,442 $ 2,255
Source:Carbonite, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/globe-newswire-carbonite-announces-first-quarter-2018-financial-results.html |
May 2, 2018 / 6:19 PM / Updated 13 minutes ago GLOBAL MARKETS-U.S. stocks edge up, dollar falls after Fed statement Reuters Staff 2 Min Read
* Fed keeps rates unchanged, on track to raise rates in June (Updates to after Fed statement)
By Caroline Valetkevitch
NEW YORK, May 2 (Reuters) - U.S. stocks edged higher while the dollar and Treasury yields fell on Wednesday after the Federal Reserve held interest rates steady and said inflation had “moved close” to its target.
That would leave the central bank on track to raise borrowing costs in June.
“Their outlook is roughly balanced. The fact is that they are not in a rush to raise rates faster. They may still raise rates in June. This has allowed Treasuries to bounce here and the dollar is coming off,” said John Canavan, market strategist at Stone & McCarthy Research Associates in New York.
In a statement following the end of a two-day policy meeting, the Fed also said that “on a 12-month basis is expected to run near the Committee’s symmetric 2 percent objective over the medium term.”
The dollar index fell 0.12 percent, with the euro up 0.13 percent to $1.2008.
On Wall Street, the Dow Jones Industrial Average rose 36 points, or 0.15 percent, to 24,135.05, the S&P 500 gained 1.48 points, or 0.06 percent, to 2,656.28 and the Nasdaq Composite added 29.21 points, or 0.41 percent, to 7,159.92.
Forecast-beating results from the world’s biggest company, Apple Inc, lifted tech shares.
The MSCI’s gauge of stocks across the globe gained 0.18 percent.
Benchmark 10-year notes last rose 3/32 in price to yield 2.9644 percent, down from 2.976 percent late on Tuesday.
In the oil market, U.S. crude rose 0.95 percent to $67.89 per barrel and Brent was last at $73.41, up 0.38 percent on the day. Additional reporting by Richard Leong and Karen Brettell in New York, Sujata Rao, Helen Reid and Dhara Ranasinghe in London; editing by Jonathan Oatis and Nick Zieminski | ashraq/financial-news-articles | https://www.reuters.com/article/global-markets/global-markets-u-s-stocks-edge-up-dollar-falls-after-fed-statement-idUSL1N1S91IH |
May 2 (Reuters) - Artivision Technologies Ltd:
* CO TO ACQUIRE ENTIRE ISSUED AND PAID-UP SHARE CAPITAL & CONVERTIBLE BONDS OF MC PAYMENT FOR S$0.28 PER CONSIDERATION SHARE Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-artivision-technologies-to-acquire/brief-artivision-technologies-to-acquire-mc-payment-for-s0-28-per-consideration-share-idUSFWN1S9166 |
Normally, the mayoral race of Knox County, Tenn. wouldn’t ping the national political radar. Then again, normally, the GOP candidate isn’t a 7-foot tall WWE wrestler whose signature move is the “chokeslam from hell.”
Glenn Jacobs, better known to WWE fans as Kane, appears to have won the Republican nomination for mayor in the area. With 100% of the precincts reporting, Jacobs had a 17-vote lead over his opponent.
A victory that narrow is almost certain to trigger a recount, but Jacobs says he’s already focused on the general election, which is set for August 2. Assuming the primary results are certified, though, Jacobs is considered a shoe-in for mayor. ( Republicans outnumber Democrats 5:1 in the county.)
Glenn, along with his family, volunteers and supporters declare victory in a hard-fought Knox County Mayoral race this evening. Together we won! Tomorrow, we move forward.
— Glenn Jacobs (@GlennJacobsTN) May 2, 2018
Thanks to everyone who helped win this historic victory!! The people who cast a ballot for me, my great team, my wonderful volunteers. Looking forward to VICTORY in the general election!
— Glenn Jacobs (@GlennJacobsTN) May 2, 2018
Jacobs impressed voters with his focus on infrastructure and attracting jobs to the area. It’s a far cry from his most famous character, Kane, the brother of the Undertaker whose WWE bio describes him as “a monstrous abomination that seems to have been extracted directly from your childhood nightmares.”
Wrestlers have a rich history of transitioning into politics, though. Linda McMahon, former CEO of WWE, now runs the Small Business Administration. Jesse “The Body” Ventura was governor of Minnesota from 1999 to 2003. And Terrance Gerin, who wrestles under the name Rhyno, had an unsuccessful run for the Michigan House of Representatives in 2016. | ashraq/financial-news-articles | http://fortune.com/2018/05/02/wwe-kane-gop-primary-tennessee/ |
– Q1 2018 marked by significant corporate and clinical advancements, including successfully completing $17.5M IPO and listing on NASDAQ Capital Market –
– Growing body of clinical data anticipated over the course of 2018 –
FORT LAUDERDALE, Fla.--(BUSINESS WIRE)-- Motus GI Holdings, Inc. , (NASDAQ:MOTS) ("Motus GI" or the "Company"), a medical technology company dedicated to improving endoscopy outcomes and experiences, announced today its financial results for the quarter ended March 31, 2018 and provided a business update.
“We made significant progress in our key corporate objectives in the first quarter of 2018, including the successful completion of our initial public offering and the listing of our common stock on the NASDAQ Capital Market,” said Mark Pomeranz, CEO of Motus GI . “Looking forward to the remainder of 2018, we remain focused on our clinical and commercial strategy with the execution of a number of studies specifically designed to generate important clinical and health economic data focused on improving the patient flow through the hospital and the quality of the over 4 million in-patient colonoscopy procedures performed annually worldwide. We believe the Pure-Vu® System has the ability to overcome the significant clinical challenges of insufficient bowel prep for colonoscopy which can cause delayed and repeat procedures that may lead to poor clinical outcomes and increased healthcare costs. We are excited to work with key experts and clinical centers in the U.S. and Europe to execute these studies and further secure a platform from which we believe we can successfully build our business for the long-term and create shareholder value.”
Recent Corporate Highlights
Announced the acceptance of an abstract for presentation at Digestive Disease Week® 2018 (“DDW”), being held June 2-5, 2018 in Washington, DC; Appointed Seth A. Gross, MD, FACG, FASGE, AGAF, to Medical Advisory Board; Received European CE mark approval for the Pure-Vu® System, enabling future expansion opportunity into European market where 6 million colonoscopies are performed annually; Expanded intellectual property portfolio with issuance of key European and U.S. patents covering the Pure-Vu® System; and Closed $17.5 million initial public offering and listed common stock on the NASDAQ Capital Market.
Pure-Vu® System Update
The Pure-Vu® System is a medical device that cleans the colon intra-procedurally to facilitate improved visualization during a colonoscopy procedure to enable a quality exam and has demonstrated effective cleaning in hundreds of procedures. The device integrates with existing colonoscopes and is activated by a convenient foot pedal to put control of cleansing the colon in physicians’ hands so they can gain clear visualization of the wall of the colon to enable a quality exam.
The Pure-Vu® System is currently being introduced on a pilot basis in the U.S. market. The Company is planning to initiate a broader commercial launch in the U.S. and select international markets in 2019, with a focus on the in-patient, hospital-based colonoscopy market, where challenges with bowel prep can delay the time to diagnosis, diminish the quality of care and add significant costs for hospitals. Motus GI plans to continue evaluating the Pure-Vu® System in key U.S. and European clinical centers in post-approval in-patient and out-patient clinical trials which the Company believes will enhance its value proposition over the course of the next 24 months.
Clinical Programs Update
The REDUCE study is a multi-center in-patient prospective trial designed to evaluate the Pure-Vu® System’s ability to consistently and reliably cleanse the colon to facilitate a successful colonoscopy in a timely manner in patients who are indicated for a diagnostic colonoscopy procedure. The primary endpoint of the study is to determine the Pure-Vu® System’s rate of improved bowel cleansing level using the Boston Bowel Preparation Scale (“BBPS”) index, a validated assessment instrument. Other key elements of the study include the proportion of patients who receive a successful colonoscopy for the intended indication on the first attempt and the time to successful colonoscopy compared to current care algorithms which have high rates of delayed and repeat procedures, increasing the patient’s length of stay and the cost to the hospital. The Company plans to complete the REDUCE study in the fourth quarter of this year.
The clinical studies in the in-patient and high need outpatient settings will evaluate the Pure-Vu® System’s ability to rapidly cleanse poorly prepped patients during colonoscopy with BBPS as the measure of cleanliness, as well as assess its ability to reduce healthcare costs by reliably and predictably moving patients through the system to a successful examination. These studies will include the evaluation of lower GI bleed patients who require accelerated diagnosis and spinal cord injury patients which are very difficult to prep.
Near-Term Milestones Expected to Drive Value
Initiate the REDUCE (Reliable Endoscopic Diagnosis Utilizing Cleansing Enhancement) in-patient study in Q2 2018; Initiate study in the Department of Veterans Affairs for high medical need patient populations in Q3 2018; Launch slim-scope compatible system in Q3 2018; Complete the REDUCE in-patient study in Q4 2018; Continue building an extensive intellectual property portfolio to protect key aspects of the Pure-Vu® System to drive market penetration and expansion; Participate in key scientific conferences throughout 2018, including Digestive Disease Week (DDW), United European Gastroenterology (UEG) Week and the American College of Gastroenterology (ACG) Annual Meeting; and Continue to refine in-servicing and training programs in preparation for the full market launch of the Pure-Vu System in 2019.
“We are pleased with the progress of our clinical and commercial plans and look forward to providing continued updates over the course of the year. The initiation of our REDUCE study is the first step toward our goal to establish the Pure-Vu® System as a new standard of care for addressing the critically important in-patient market and providing solutions for patients with high medical needs. We look forward to completing the REDUCE study in the fourth quarter and initiating additional studies throughout the next 24 months,” concluded Mr. Pomeranz.
Financial Results for the Quarter Ended March 31, 2018
For the quarter ended March 31, 2018, Motus GI reported a net loss of approximately $7.3 million, or a net loss per diluted share of $0.57, which included a one-time non-cash warrant expense charge of $3.2 million.
The Company ended the quarter with $18.6 million in cash and cash equivalents.
About the Pure-Vu® System
The Pure-Vu® System is a 510(k) U.S. Food and Drug Administration cleared medical device indicated to help facilitate the cleaning of a poorly prepared colon during the colonoscopy procedure. The device integrates with standard colonoscopes to enable cleaning during the procedure while preserving standard procedural workflow and techniques. The Pure-Vu® System has received CE mark approval in Europe.
About Motus GI
Motus GI Holdings, Inc. is a medical technology company, with subsidiaries in the U.S. and Israel, dedicated to improving endoscopy outcomes, lowering costs and enhancing patient experiences. The Company is focused on the development and commercialization of the Pure-Vu® System to improve the colonoscopy experience and assist in the early detection and prevention of colorectal cancer and other diseases of the rectum and colon. In clinical studies to date, the Pure-Vu® System significantly increased the number of patients with an adequate cleansing level, according to the Boston Bowel Preparation Scale index, a validated assessment instrument.
For more information, visit www.motusgi.com and connect with the Company on Twitter , LinkedIn , Facebook and Google+ .
Motus GI Holdings, Inc. Condensed Consolidated Balance Sheets (In thousands, except share and per share amounts)
March 31, December 31, 2018 2017 (unaudited) (*) ASSETS Current assets
Cash and cash equivalents $ 18,629 $ 6,939 Accounts receivable 11 5 Short-term deposits — 76 Inventory 21 6 Prepaid expenses and other 938 658 Deferred financing fees — 602 Total current assets 19,599 8,286 Fixed assets, net 837 783 Long-term deposits 94 99 Total assets $ 20,530 $ 9,168 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities
Accounts payable and accrued expenses $ 1,515 $ 1,733 Other current liabilities 80 250 Total current liabilities 1,595 1,983 Contingent royalty obligation 1,740 1,662 Other long-term liabilities 25 — Total liabilities 3,360 3,645 Shareholders' equity
Common Stock $0.0001 par value; 50,000,000 shares authorized; 15,645,755 and 10,493,233 shares issued and outstanding as of March 31, 2018 and December 31,2017, respectively 2 1 Preferred Series A stock $0.0001 par value; 2,000,000 shares authorized; 0 and 1,581,128 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively — — Preferred stock $0.0001 par value; 8,000,000 shares authorized; zero shares issued and outstanding — — Additional paid-in capital 63,612 44,643 Accumulated deficit (46,444 ) (39,121 ) Total shareholders' equity 17,170 5,523 Total liabilities and shareholders' equity $ 20,530 $ 9,168 (*) Derived from audited consolidated financial statements
Forward-Looking Statements
This press release contains certain are based on the Company's current expectations and assumptions. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," "predict," "project," "should," "would" and similar expressions and the negatives of those terms, including without limitation, risks inherent in the development and commercialization of potential products, uncertainty in the timing and results of clinical trials or regulatory approvals, maintenance of intellectual property rights or other risks discussed in the Company’s Form 10-K filed on March 28, 2018, and its other filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180515005384/en/
Investor:
Jenene Thomas, (833) 475-8247
Jenene Thomas Communications, LLC
[email protected]
or
Media:
6 Degrees PR
Tony Plohoros, (908) 940-0135
[email protected]
Source: Motus GI Holdings, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/business-wire-motus-gi-reports-2018-first-quarter-financial-results-and-provides-business-update.html |
May 19, 2018 / 1:44 AM / Updated 18 hours ago China calls for ceasefire in Myanmar border fighting Reuters Staff 2 Min Read
SHANGHAI (Reuters) - China’s defense ministry has called on armed groups in northern Myanmar to show restraint and declare an immediate ceasefire after conflicts in the region killed three Chinese citizens.
Three rockets and some stray bullets have also landed in Chinese territory as a result of the fighting, the Ministry of Defence said in a statement on its official Weibo social media account late on Friday.
The ministry said it was paying close attention to the matter and had strengthened patrols and security measures along the China-Myanmar border.
“The Chinese military will continue to strengthen border controls and adopt necessary measures to resolutely safeguard national sovereignty, the stability of the border and the safety of citizens and property,” the statement said.
Tensions in northern Myanmar, which borders southwest China’s Yunnan province, have escalated in the past month, with local ethnic groups demanding greater autonomy in the region, which is an important foreign trade hub for Myanmar.
A Myanmar government spokesman said last Saturday that ethnic insurgents had killed 19 people, including four members of the security forces, in an attack near the main border gate with China. Reporting by David Stanway; Editing by Kim Coghill | ashraq/financial-news-articles | https://www.reuters.com/article/us-china-myanmar/china-calls-for-ceasefire-in-myanmar-border-fighting-idUSKCN1IK02K |
The United States is offering assurances to North Korea's Kim Jong Un as it seeks to put in motion the potential for a sweeping nuclear deal ahead of President Donald Trump's upcoming summit with the North Korean leader.
Secretary of State Mike Pompeo said the U.S. will need to "provide security assurances" to Kim if they're able to forge an agreement. Pompeo met with Kim last week in North Korea, helping set the stage for Trump's historic meeting with Kim in Singapore on June 12.
Trump has set an ambitious goal for North Korea to get rid of its nuclear weapons in a permanent and verifiable way. In return, the U.S. is willing to help the impoverished nation strengthen its economy.
Pompeo was asked on "Fox News Sunday" whether the U.S. was in effect telling Kim he could stay in power if he met the U.S. demands. Pompeo said: "We will have to provide security assurances, to be sure."
The top U.S. diplomat did not elaborate, but his comment could refer to the type of assurances North Korea has sought in the past. A statement issued during international negotiations with North Korea in 2005 over its nuclear weapons development said the "United States affirmed that it has no nuclear weapons on the Korean Peninsula and has no intention to attack or invade (North Korea) with nuclear or conventional weapons."
The North has said it needs nuclear weapons to counter what it believes is a U.S. effort to strangle its economy and overthrow the Kim government.
"Make no mistake about it, America's interest here is preventing the risk that North Korea will launch a nuclear weapon into L.A. or Denver or to the very place we're sitting here this morning," Pompeo said from Washington . "That's our objective, that's the end state the president has laid out and that's the mission that he sent me on this past week, to put us on the trajectory to go achieve that."
Pressed in a separate interview on whether the U.S. would seek regime change, Pompeo said: "Only time will tell how these negotiations will proceed."
"The president uses language that says 'we'll see,'" Pompeo told CBS's "Face the Nation." ''The American leadership under President Trump has its eyes wide open."
North Korea said Saturday that all of the tunnels at the country's northeastern nuclear test site will be destroyed by an explosion in less than two weeks, ahead of Kim's summit with Trump. Observation and research facilities and ground-based guard units will also be removed, the North said. Pompeo praised it as "one step along the way."
John Bolton , the president's national security adviser, described the types of steps that North Korea would need to take as part of a denuclearization process, including the potential involvement of a processing center in Tennessee .
"The implementation of the decision means getting rid of all the nuclear weapons, dismantling them, taking them to Oak Ridge, Tennessee," Bolton said in an interview with ABC's "This Week." ''It means getting rid of the uranium enrichment and plutonium reprocessing capabilities," adding the process would also need to address North Korea's ballistic missiles.
"I don't think anybody believes you're going to sign the complete ending of the nuclear program in one day. But we are also very much interested in operationalizing the commitment as quickly as possible," Bolton said.
Bolton said in an interview with CNN's "State of the Union" that North Korea should not "look for economic aid from us. I think what the prospect for North Korea is to become a normal nation, to behave and interact with the rest of the world the way South Korea does."
"The prospect for North Korea is unbelievably strong if they'll commit to denuclearization. That's what the president is going to say," he said.
Pompeo said private-sector Americans could help rebuild North Korea's energy grid and develop the country's infrastructure. He described the possibility of American agriculture being used to "support North Korea so they can eat meat and have healthy lives."
South Korea has said Kim has shown an interest in dealing away his nuclear weapons in return for economic benefits. But it remains unclear if Kim would ever fully relinquish the weapons he probably views as his only guarantee of survival. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/pompeo-north-korea-needs-us-security-assurances-to-get-a-nuclear-arms-pact.html |
May 7, 2018 / 12:16 AM / Updated an hour ago Fed's Quarles says paying 'a lot' of attention to spread of machine learning in finance Howard Schneider 1 Min Read
AMELIA ISLAND, Florida (Reuters) - Federal Reserve vice chair for supervision Randal Quarles said the central bank is in the early stages of studying how the expanding use of machine learning in the financial sector may change its regulatory approach, but that so far it fits within the existing regulatory framework. Randal Quarles takes part in a swearing-in ceremony for Chairman Jerome Powell at the Federal Reserve in Washington, U.S., Febuary 5, 2018. Picture taken February 5, 2018. REUTERS/Aaron P. Bernstein
“We are paying a lot of attention ... within our existing framework. To the extent you have a machine learning tool that is interacting with customers we want to make sure that the traditional protections are being complied with,” Quarles said.
While the Fed may need “more specialised responses” to the use of artificial intelligence or computer algorithms in assessing risk and making credit decisions, he said he was hesitant to impose “bounds” on what institutions can do, rather than develop “milestones” or circuit breakers that would pause any process that was producing bad results. Reporting by Howard Schneider; Editing by Sandra Maler | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-usa-fed-quarles/feds-quarles-says-paying-a-lot-of-attention-to-spread-of-machine-learning-in-finance-idUKKBN1I800N |
Blake Bortles and several of his Jacksonville Jaguars teammates intercepted an 18-year-old who attempted to steal Bortles’ pickup truck and tossed his wallet to the ground on Wednesday, according to the Jacksonville Beach Police Department.
Jan 7, 2018; Jacksonville, FL, USA; Jacksonville Jaguars quarterback Blake Bortles (5) heads to the locker room after defeating the Buffalo Bills in the AFC Wild Card playoff football game at EverBank Field. Mandatory Credit: Reinhold Matay-USA TODAY Sports The suspect, Joseph Arthur Horton, reportedly lives in the same neighborhood as Brandon Linder, a center who plays for the Jaguars. Linder hosted a gathering at his house attended by Bortles and others, and Horton allegedly tried to steal Bortles’ Ford F-150 from the driveway, but the vehicle was boxed in and he could not get away.
Bortles’ wallet was tossed to the ground but no items were reported missing, police said.
Horton allegedly entered Linder’s home after he realized he could not escape with Bortles’ truck. However, Linder and others did not recognize the teenager, and they called police after he was found upstairs in the home.
Horton was charged with auto theft, auto burglary and trespassing, according to police. He reportedly was arrested in September on charges of contributing to the delinquency of a minor and allowing a minor to obtain alcohol or drugs at an open house party.
The teen lives with his parents a few blocks away from Linder’s residence, according to property records obtained by Jacksonville.com.
—Field Level Media
| ashraq/financial-news-articles | https://www.reuters.com/article/us-football-nfl-jac-bortles-robbery/police-bortles-teammates-thwart-robbery-attempt-idUSKBN1IC1B3 |
The dollar just surged to a 4-month high. How should investors trade it? 1 Hour Ago Matt Maley with Miller Tabak and Gina Sanchez of Chantico Global discuss the dollar with Sara Eisen. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/the-dollar-just-surged-to-a-4-month-high-how-should-investors-trade-it.html |
NEW YORK--(BUSINESS WIRE)-- Pomerantz LLP announces that a class action lawsuit has been filed against Gridsum Holding, Inc. (“Gridsum” or the “Company”) (NASDAQ:GSUM) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 18-cv-03655, is on behalf of a class consisting of investors who purchased or otherwise acquired Gridsum securities between April 27, 2017 through April 20, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Gridsum securities between April 27, 2017, and April 20, 2018, both dates inclusive, you have until June 25, 2018, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at [email protected] or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
[Click here to join this class action]
Gridsum is a holding company that designs and develops sophisticated data analysis software for multinational and domestic enterprises and government agencies in China. The Company offers software that allows customers to collect and analyze information that is collected, indexed, and stored in an organized manner.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Gridsum lacked effective internal control over financial reporting; (ii) consequently, Gridsum’s financial statements were inaccurate and misleading, and did not fairly present, in all material respects, the financial condition and results of operations of the Company; and (iii) as a result of the foregoing, Gridsum’s public statements were materially false and misleading at all relevant times.
On April 23, 2018, Gridsum issued a press release entitled “Gridsum Reports Suspension of Audit Report on Financial Statements,” announcing that its “audit report for the Company’s financial statements for the year ended December 31, 2016 should no longer be relied upon.” According to the press release, Gridsum’s auditor identified certain issues in conducting its audit of Gridsum’s financial results for the year ended December 31, 2017. Those issues related to “certain revenue recognition, cash flow, cost, expense items, and their underlying documentation which [the auditor] had previously raised” with Gridsum.
On this news, Gridsum’s American Depositary Receipt price fell $1.17, or 16.04%, to close at $6.12 on April 23, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
View source version on businesswire.com : https://www.businesswire.com/news/home/20180526005009/en/
Pomerantz LLP
Robert S. Willoughby, 888-476-6529 Ext. 9980
[email protected]
Source: Pomerantz LLP | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/26/business-wire-shareholder-alert-pomerantz-law-firm-reminds-shareholders-with-losses-on-their-investment-in-gridsum-holding-inc-of-class.html |
Mexican-American actress Salma Hayek, a vocal campaigner against sexual harassment in the movie industry, said on Sunday male stars should get less pay as a way to even things up with chronically underpaid women.
A day after joining dozens of other female movie makers, including Jane Fonda and Cate Blanchett, at a demonstration at the Cannes Film Festival in support of the struggle for women's rights, Hayek told a conference:
"The actors have to say: 'OK, time's up. I had a good run but now it's also time to be generous with the actresses in the films.'
"We all have to be part of the adjustment. That's one idea. I'm going to be hated for it. I hope I can get a job after this!"
The issue of equality has been a running theme throughout the film festival which is the first to take place since sexual harassment allegations against some major Hollywood players surfaced last year.
The Cannes Film Festival runs from May 8 to May 19. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/salma-hayek-calls-for-male-stars-to-get-pay-cut.html |
May 21, 2018 / 9:37 AM / Updated 7 hours ago Nokia phone licensee HMD raises $100 million to drive growth push Reuters Staff 2 Min Read
HELSINKI (Reuters) - HMD Global, the Finnish company that owns the right to use the Nokia brand on phones, has raised $100 million of funding intended to boost growth, it said on Monday. FILE PHOTO: The new Nokia 8110 is seen during the Mobile World Congress in Barcelona, Spain, February 27, 2018. REUTERS/Yves Herman/File Photo
Having sold about 70 million Nokia phones and generated sales of 1.8 billion euros ($2.1 billion) in its first year, 2017, HMD said it plans to expand its Nokia smartphone range and to double sales channels in key markets this year.
“Our aim is to be one of the leading players in the global smartphone market, and our initial success strengthens our confidence that we can continue on our growth path in 2018 and beyond,” CEO Florian Seiche said in a statement. FILE PHOTO: Florian Seiche, Chief Executive Officer of HMD Global, presents new Nokia mobiles during the Mobile World Congress in Barcelona, Spain, February 25, 2018. REUTERS/Yves Herman/File Photo
New investors include DMJ Asia Investment Opportunity and Foxconn subsidiary FIH Mobile. The fundraising round was led by Ginko Ventures, a fund owned by Jean-Francois Baril, a long-serving former senior vice president at Nokia. FILE PHOTO: A cyclist rides past a Nokia logo during the Mobile World Congress in Barcelona, Spain February 25, 2018. REUTERS/Yves Herman/File Photo
Actual stakes were not disclosed.
HMD’s products are built by FIH Mobile and use Google’s Android platform. It pays Nokia Corp royalties for the brand and patents, but Nokia has no direct investment in HMD.
The company has so far launched a handful of smartphones as well as retro remakes of Nokia’s biggest hit phones of the 1990s.
Once the world’s dominant phone maker, Nokia Corp failed to compete in touchscreen smartphones and ended up selling its handset business to Microsoft in 2014. It is now focused on telecom network equipment.
HMD, set up by former Nokia executives, took over the Nokia feature phone business from Microsoft in 2016 and struck a deal with Nokia Oyj to use the brand on smartphones.
According to Counterpoint Research, Nokia was the biggest-selling brand last year in low-cost feature phones and ranked No. 11 in smartphones. Reporting by Jussi Rosendahl; Editing by David Goodman | ashraq/financial-news-articles | https://www.reuters.com/article/us-hmd-funding/nokia-phone-licensee-hmd-raises-funding-to-step-up-growth-idUSKCN1IM0UW |
May 7, 2018 / 8:35 AM / in 19 minutes PM Orban vows to preserve Hungary's Christian culture Reuters Staff 3 Min Read
BUDAPEST (Reuters) - Viktor Orban said on Monday the main task of his new government will be to preserve Hungary’s security and Christian culture, sticking to his nationalist policy to keep out migrants and fend off what he calls foreign meddling. Hungarian President Janos Ader and Hungarian Prime Minister Viktor Orban shake hands after their talks at the Presidential Palace in Budapest, Hungary, May 7, 2018. REUTERS/Bernadett Szabo
The right-wing prime minister, 54, was re-elected for a third straight term in an election last month after a strong anti-immigration message landed him a landslide victory.
One of the most vociferous opponents of immigration into Europe by mainly Muslim people fleeing war and poverty in the Middle East and Africa, Orban’s campaign - helped by his party’s media dominance - resonated with large swathes of the electorate, particularly in rural areas.
His Fidesz party now holds 133 of 199 seats in the new parliament that will enable Fidesz to pass any laws, even those that require the support of two-thirds of the votes. Hungarian President Janos Ader and Hungarian Prime Minister Viktor Orban give a statement to the media after their talks at the Presidential Palace in Budapest, Hungary, May 7, 2018. REUTERS/Bernadett Szabo
“The main task of the new government will be to preserve Hungary’s security and Christian culture,” Orban told a news conference after he was asked by the president to form a new government.
Parliament will hold its first session on Tuesday where Orban will be officially elected prime minister again. Slideshow (3 Images)
In a radio interview on Friday, Orban said his government was building a “Christian democracy”.
“We are working on building an old-school Christian democracy, rooted in European traditions ... we believe in the importance of the nation, and in Hungary we do not want to yield ground to any supranational business or political empire,” Orban said.
Orban has accused non-governmental organisations (NGOs) funded by Budapest-born billionaire George Soros of political meddling and actively supporting migration.
He said any organisation involved in the migration issue would have to seek clearance from national security authorities.
One of the first new laws expected to be passed by parliament is a “Stop Soros” bill, which would impose a 25 percent tax on foreign donations to NGOs that back migration.
Soros has said the attacks against him were “lies and distortions” and were designed to create a false external enemy. Reporting by Krisztina Than; Editing by Alison Williams | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-hungary-orban/hungarys-president-asks-viktor-orban-to-form-his-government-idUKKBN1I80PB |
May 1, 2018 / 11:36 AM / Updated 5 minutes ago BRIEF-Chase And Jaguar Land Rover Renew Private Label Agreement Reuters Staff 1 Min Read
May 1 (Reuters) - Chase Corp:
* CHASE AND JAGUAR LAND ROVER RENEW PRIVATE LABEL AGREEMENT Source text for Eikon: Further company coverage: ([email protected]) | ashraq/financial-news-articles | https://www.reuters.com/article/brief-chase-and-jaguar-land-rover-renew/brief-chase-and-jaguar-land-rover-renew-private-label-agreement-idUSFWN1S806W |
BERLIN, May 18 (Reuters) - Germany’s federal cyber agency called on chip and hardware-makers to address new vulnerabilities discovered in computer central processing units, but said no complete fix was possible at the moment.
The BSI agency said its analysis showed the new flaws, dubbed Spectre-Next Generation, resembled the Meltdown and Spectre bugs discovered in January and could allow attackers to access personal data such as passwords and encryption keys.
While no new attacks were known outside laboratories, there was a risk that attackers could develop new methods based on detailed information that had been disclosed, it added.
“No complete eradication of the flaws is possible at the moment; the risk can only be minimised,” it said in a statement.
Temporary measures were needed since vulnerable processors and affected computer systems could only be swapped out in the longer-term, the agency said on Friday.
BSI also called on cloud and virtual solution providers to immediately investigate the impact of the flaws on their products, and respond along with the manufacturers of system components.
“Customers should be informed about the measures taken and the remaining risks,” the agency said.
A German computing magazine called c’t reported earlier this month that researchers had found eight new flaws that resembled the Meltdown and Spectre bugs.
It said Intel Corp planned to patch the flaws and some chips designed by ARM Holdings, a unit of Japan’s Softbank , might be affected. Work was continuing to establish whether Advanced Micro Devices chips were vulnerable.
BSI did not name any manufacturers involved.
Intel has declined to comment on the vvulnerabilities described in c’t magazine, while AMD has said it was aware of the media reports and was examining the issue.
No comment was immediately available from ARM. (Reporting by Andrea Shalal Editing by Alexander Smith)
| ashraq/financial-news-articles | https://www.reuters.com/article/cyber-germany/germany-calls-on-chip-and-hardware-makers-to-tackle-processor-flaws-idUSL2N1SP15I |
Trump calls off North Korea summit 9:45 AM ET Thu, 24 May 2018 The "Squawk on the Street" weigh in on President Trump's decision to call off the U.S. meeting with Kim Jong Un. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/24/trump-calls-off-north-korea-summit.html |
Trump: Mexico will pay for the border wall 3:37am EDT - 01:49
Donald Trump renews an old campaign promise to make Mexico pay for a border wall at a Nashville rally on Tuesday. ▲ Hide Transcript ▶ View Transcript
Donald Trump renews an old campaign promise to make Mexico pay for a border wall at a Nashville rally on Tuesday. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2IV1CdH | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/30/trump-mexico-will-pay-for-the-border-wal?videoId=431598544 |
WHITTIER, Calif., May 09, 2018 (GLOBE NEWSWIRE) -- Friendly Hills Bank (the “bank”) (OTCBB:FHLB) reported results for the first quarter of 2018.
For the three month period ending March 31, 2018, the bank reported net income of $192,000 or $0.10 per diluted share of common stock. The bank reported net income of $162,000 or $0.08 per diluted share of common stock for the three months ended March 31, 2017.
As of March 31, 2018, the bank reported total assets of $155.7 million, the same figure as of March 31, 2017. The bank’s loan portfolio, net of unearned income, decreased 2% from $83.0 million as of March 31, 2017, to $81.4 million as of March 31, 2018. The portfolio remains diversified with $28.3 million or 34% in Commercial & Industrial Loans to local businesses (including $17.2 million in Owner Occupied Commercial Real Estate Loans), $21.8 million or 27% in Residential Real Estate Loans to investors and $26.0 million or 32% in Commercial Real Estate Loans to investors. The bank has an additional $24.3 million in unfunded loan commitments.
The bank’s overall deposit base has decreased 9% in the twelve months ended March 31, 2018, from $123.2 million as of March 31, 2017, to $112.2 million as of March 31, 2018. Non-interest bearing deposits remain a substantial part of the deposit base (38%), despite decreasing from $51.5 million as of March 31, 2017, to $42.6 million as of March 31, 2018. During the same time period interest-bearing deposits decreased from $71.7 million as of March 31, 2017, to $69.6 million on March 31, 2018.
At March 31, 2018, shareholders’ equity was $16.1 million and the bank’s total risk-based capital ratio was 18%, significantly exceeding the “well-capitalized” level of 10% prescribed under regulatory requirements. The bank also continues to maintain substantial liquidity positions, retaining significant balances of liquidity as well as available collateralized borrowings and other potential sources of liquidity.
“It is normal for the bank to experience volatility in its deposit base due to the high concentration of core deposits in our balance sheet,” commented Jeffrey K. Ball, Chief Executive Officer. “We did experience an unusually higher amount of volatility right at the end of the quarter which is not associated with any meaningful decrease in deposit relationships. The bank continues to maintain a strong balance sheet as reflected in asset quality, deposit strength and a sufficient capital base for continued long-term growth in shareholder value. Meanwhile, increased earnings are primarily associated with higher asset yields from rising interest rates and the benefits of the lower effective corporate income tax rate.”
Company Profile:
Friendly Hills Bank is a community bank which was formed to primarily serve the Southern California communities of eastern Los Angeles County and northern Orange County. The bank was established in 2006 by prominent members of the local community who were seeking an alternative to the larger financial institutions in the area. The bank is headquartered in Whittier, California with an additional branch office in Santa Fe Springs, California. For more information on the bank, please visit www.friendlyhillsbank.com or call 562-947-1920.
Forward Looking Statements:
The numbers in this press release are unaudited. Statements such as those regarding the anticipated development and expansion of Friendly Hills Bank's business, and the intent, belief or current expectations of the bank, its directors or its officers, are "forward looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, risks related to the local and national economy, the bank's performance, including its ability to generate loan and deposit growth, changes in interest rates, and regulatory matters.
Friendly Hills Bank Balance Sheets (Unaudited) (in thousands, except per share information) 3/31/18 12/31/17 3/31/17 ASSETS Cash and due from banks $ 4,058 $ 12,634 $ 3,872 Interest bearing deposits with other financial institutions 15,013 5,130 21,868 Cash and Cash Equivalents 19,071 17,764 25,740 Investment securities available-for-sale 48,857 53,131 40,883 Federal Home Loan Bank stock 835 835 779 Federal Reserve Bank stock 479 476 476 Loans, net of unearned income 81,402 77,331 82,965 Allowance for loan losses (1,525 ) (1,525 ) (1,525 ) Net Loans 79,877 75,806 81,440 Premises and equipment, net 334 345 285 Accrued interest receivable and other assets 6,269 6,109 6,077 Total Assets $ 155,722 $ 154,466 $ 155,680 LIABILITIES AND SHAREHOLDERS’ EQUITY Liabilities Deposits Noninterest-bearing deposits $ 42,599 $ 47,057 $ 51,508 Interest-bearing deposits 69,609 66,856 71,683 Total Deposits 112,208 113,913 123,191 FHLB advances 26,750 23,000 16,000 Accrued interest payable and other liabilities 697 1,256 446 Total Liabilities 139,655 138,169 139,637 Shareholders’ Equity Common stock, no par value, 10,000,000 shares authorized: 1,979,993 shares issued and outstanding 15,958 15,958 15,958 Additional paid-in-capital 1,293 1,091 1,091 Accumulated deficit (79 ) (350 ) (783 ) Accumulated other comprehensive income (loss) (1,105 ) (402 ) (223 ) Total Shareholders’ Equity 16,067 16,297 16,043 Total Liabilities and Shareholders’ Equity $ 155,722 $ 154,466 $ 155,680 Book Value Per Share $ 8.11 $ 8.40 $ 8.27
Friendly Hills Bank Statements of Operations (Unaudited) (in thousands, except per share information) For the three For the three months ended months ended 3/31/18 3/31/17 Interest Income $ 1,327 $ 1,210 Interest Expense 122 83 Net Interest Income 1,205 1,127 Provision for Loan Losses 0 0 Net Interest Income after Provision for Loan Losses 1,205 1,127 Noninterest Income 121 133 Noninterest Expense 1,061 996 Non-Recurring Items 1 0 Income before Provision for Income Taxes 266 264 (Provision) Benefit for Income Taxes (74 ) (102 ) Net Income $ 192 $ 162 Basic and Diluted Earnings Per Share $ 0.10 $ 0.08
Contacts:
Jeffrey K. Ball (President & CEO)
Viktor Uehlinger (EVP & CFO)
(562) 947-1920
Source:Friendly Hills Bank | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/09/globe-newswire-friendly-hills-bank-reports-first-quarter-results.html |
May 3, 2018 / 4:37 PM / a few seconds ago Cautious Saudi bankers give reality check on country's economic health Tom Arnold 4 Min Read
RIYADH (Reuters) - Saudi Arabia’s banks are preparing for muted lending growth this year, providing a reality check on the state of the country’s economy and government efforts to stimulate growth. FILE PHOTO: A view shows the construction of the King Abdullah Financial District, north of Riyadh, Saudi Arabia April 11, 2016. REUTERS/Faisal Al Nasser/File Photo
Saudi Arabia unveiled its Vision 2030 plan in 2016 to transform the country’s economy, which is still suffering the after effects of the slump in oil prices, recession and austerity measures to cut the state deficit.
“Vision 2030 is in the future, but we’re dealing with the reality of now,” said one senior Saudi banker. “We’re having to be more careful and client demand is weak anyway.”
The International Monetary Fund is expecting the Saudi economy to grow 1.8 percent this year, but some local bankers worry their assets are shrinking as loans get repaid but new borrowing opportunities dry up.
The banks also complain that they have seen little benefit so far from the government’s 72 billion riyals ($19.20 billion) stimulus plan, announced last year to kick-start the economy.
“The expectation is that the rebound in credit growth will be delayed until the end of 2018,” said Olivier Panis, senior credit officer of EMEA financial institutions at Moody’s.
“There’s still a lack of confidence from investors about when economic growth will start again and when some of the big projects will be implemented.”
Three of the four local banks to report first-quarter earnings so far this quarter, including the two largest National Commercial Bank and Al Rajhi Bank, have revealed shrinking loan growth, setting a gloomy tone to the earnings season.
The Saudi banks subdued outlook contrasts with the enthusiasm of international banks which are keen to muscle into the Arab world’s largest economy as it prepares to transform industries ranging from energy to entertainment.
More than a dozen foreign banks have already licenses to operate branches in the country. Citi ( C.N ) is considering seeking a full license and Credit Suisse ( CSGN.S ) is seeking one. CREDIT DEMAND
Credit expansion in the country contracted by 1 percent last year as the economy slipped into recession, the first since 2009. Credit growth for the first quarter was 0.5 percent.
In retail banking, cuts in government energy subsidies have hit consumer spending. Also, the weak economy led to hundreds of thousands of expatriate workers leaving the country over the past year, also denting demand for consumer credit and loans.
Among the banks’ corporate customers, appetite for credit also remains weak. Contractors and other companies serving the government are often still waiting to be paid although the government has taken steps to speed up the process.
One banker said because of this situation his bank had raised its collateral requirement on loans to contractors to up to twice the size of the loan from 1.5 times previously.
Fallout from the government’s anti-corruption drive on the country’s business and political elite has increased caution among the local banks, bankers say.
The after-effects of the corruption purge have also delayed lending to some companies, such as Kingdom Holdings.
Another dampener has been new rules on bad debts. From the start of this year, banks had to comply with IFRS 9 accounting rules, which set out stricter provisions on what banks have to set aside for problem loans.
The banks are also having to meet tighter Saudi central bank corporate lending rules which limit a bank’s exposure to a single customer. This means no bank can have exposure to any one client of more than 15 percent of their Tier 1 capital, several bankers said. The previous limit was 25 percent.
With big government-linked companies dominating the Saudi economy, banks are, in some cases, now much more restricted in who they lend to.
“A number of banks are already at the cap for lending to the largest conglomerates, so that’s a challenge they will have to manage,” said Panis at Moody’s.
($1 = 3.7502 riyals) | ashraq/financial-news-articles | https://www.reuters.com/article/us-saudi-banks-loans/cautious-saudi-bankers-give-reality-check-on-countrys-economic-health-idUSKBN1I4268 |
Crude's upside bias should continue into summer driving season 11 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/04/crudes-upside-bias-should-continue-into-summer-driving-season.html |
BEIJING, May 23 (Reuters) - China will take more measures to boost its dairy industry, including building high-quality raw-milk bases and providing more financial and insurance support to the sector, state radio Quote: d a cabinet meeting as saying on Wednesday.
The government will also take measure to improve quality and safety of dairy products, it said. (Reporting by Beijing Monitoring Desk Editing by Alexander Smith)
| ashraq/financial-news-articles | https://www.reuters.com/article/china-food-milk/china-to-take-more-measures-to-boost-dairy-industry-idUSB9N1SI019 |
Kevin O'Leary talks smalls caps and Russell 2000 2 Hours Ago Kevin O'Leary of O'Shares ETFs discusses why he is optimistic about small cap stocks and the stock draft. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/17/kevin-oleary-talks-smalls-caps-and-russell-2000.html |
May 4, 2018 / 7:18 PM / in an hour Tycoons chafe at Mexican presidential frontrunner's 'slander' Noe Torres 4 Min Read
MEXICO CITY (Reuters) - Mexico’s leading business groups are fuming after leftist Andres Manuel Lopez Obrador, the favourite to win the country’s July presidential election, called several billionaires influence traffickers who benefit from corruption. Leftist front-runner Andres Manuel Lopez Obrador of the National Regeneration Movement (MORENA) gives a thumb up to supporters as he leaves a campaign rally in Mexico City, Mexico May 2, 2018. REUTERS/Carlos Jasso
At a campaign appearance this week, Lopez Obrador, a two-time presidential runner-up, accused members of Mexico’s business elite of impeding democracy and conspiring to keep him out of power now and in the past, and he named names.
Among those he singled out were billionaires Alberto Bailleres of conglomerate Grupo Bal and German Larrea of mining giant Grupo Mexico along with businessman Alejandro Ramirez, the chief executive of major cinema chain Cinepolis.
“The group of businessmen who in the strict sense are not businessmen, they are influence traffickers, not businessmen, who benefit from the current economic policy, from corruption.”
“To all of them I say don’t worry ... the only thing that could happen that they won’t like is that they’re not going to continue stealing and they’re not going to have the privilege of giving orders,” he said at a campaign appearance in eastern Veracruz state.
Lopez Obrador’s comments, which he reiterated late on Thursday, fuelled criticism from business leaders already critical of his proposals to review the liberalisation of the energy industry and to cancel Mexico City’s $13 billion (£9.6 billion) airport project.
The Mexican Business Council, a powerful business coalition whose members include Bailleres and Ramirez, fired back in full-page newspaper ads on Thursday, titled “Not like this,” that condemned what they described as personal attacks and slander.
“He is undermining confidence with these accusations and with this very aggressive discourse against the private sector,” Ramirez, who also heads the business council, told Reuters in an interview.
“Confidence is what generates investment,” said Ramirez, adding that the business class created jobs and wealth for Mexico.
In an interview Thursday night on broadcaster Televisa, Lopez Obrador, a former mayor of Mexico City, doubled down on his criticism, accusing some business leaders of making fortunes by trading on their political influence. This time he did not mention names.
“This is a group that has benefited under the protection of public power, a group that has become immensely rich at the expense of the suffering of the people,” Lopez Obrador said, without naming specific businessmen.
The candidate holds a double-digit lead in most polls ahead of the July 1 election.
“What is needed today is to separate economic power from political power,” he added.
In the Televisa interview, Lopez Obrador repeated his criticism of the energy opening enacted by President Enrique Pena Nieto, saying it may be necessary to overturn it.
He also promised that gasoline prices would not spike under his watch and called for “price guarantees” for Mexico’s corn, bean and rice farmers.
Such positions, including his threat to halt construction of a new Mexico City airport, have for months spooked investors in Mexico’s economy, Latin America’s second-biggest.
Carlos Slim, Mexico’s wealthiest businessman, last month dubbed the airport threat anti-business.
“We’re not thieves, or exploiters, not privileged people who just take advantage of others - this is discrimination,” said Juan Carlos Castanon, leader of umbrella business chamber Consejo Coordinador Empresarial. Reporting by David Alire Garcia and Noe Torres; Editing by Frank Jack Daniel and Steve Orlofsky | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-mexico-election-business/tycoons-chafe-at-mexican-presidential-frontrunners-slander-idUKKBN1I52E1 |
(Reuters) - Tesla Inc’s ( TSLA.O ) energy unit has lost two major executives, Bloomberg reported on Tuesday, citing people familiar with the matter.
Charging stations for electric-powered Tesla cars are installed in Melide near Lugano, Switzerland May 9, 2018. REUTERS/Arnd Wiegmann Arch Padmanabhan, the product director for Tesla’s stationary storage unit, and Bob Rudd, a former SolarCity vice president who led North American commercial and utility sales, have both left the company, according to the report.
Tesla declined to comment on the report.
Chief Executive Officer Elon Musk told employees on Monday that the company was undergoing a “thorough reorganization”.
Tesla has seen a flurry of senior executive exits in recent months at a time when the company is looking to ramp up production of its Model 3 sedan.
Reporting by Munsif Vengattil in Bengaluru; Editing by Sriraj Kalluvila
| ashraq/financial-news-articles | https://in.reuters.com/article/tesla-executives/tesla-loses-two-top-executives-at-energy-unit-bloomberg-idINKCN1IG3D8 |
Some Netflix users aren’t too happy about the streaming provider’s newly announced deal with former President Barack Obama and First Lady Michelle Obama to produce original content on the service.
After the deal was announced on Monday , a growing number of users have said they’ll cancel their Netflix subscriptions and called on others to do the same. The users, who continue to express their displeasure with the deal on Twitter, have also posted screenshots of their Netflix cancellation confirmation pages.
“Do you subscribe to Netflix?” one Twitter user asked on Monday. “Today they announced a multi-year deal with Barack and Michelle Obama. Please Cancel (sic) your subscription & show them this shall not stand!” Another person said that he “kinda liked Netflix,” but “now I have to cancel.”
“More political crap from Netflix,” another Twitter user wrote. “Many will cancel their subscriptions. Hope it was worth it.”
Get Data Sheet , Fortune’s technology newsletter
Netflix announced on Monday that it had formed a “ storytelling partnership ” with the Obamas. The multi-year agreement paves the way for the Obamas to produce anything from scripted series to documentaries and features.
“We hope to cultivate and curate the talented, inspiring, creative voices who are able to promote greater empathy and understanding between peoples, and help them share their stories with the entire world,” the former President said in a statement.
Netflix’s content chief Ted Sarandos said in a statement that the Obamas are “uniquely positioned to discover and highlight stories of people who make a difference in their communities and strive to change the world for the better.”
Still, some Netflix users have complained that the move could turn political and have voiced their concerns over the web. Indeed, a day after the news was announced, many people are still taking to Twitter to say they’re canceling their subscriptions.
For its part, Netflix declined Fortune ‘s request for comment on the complaints and instead said it had nothing more to share beyond its statement on Monday. It’s also worth noting that Twitter complaints do not necessarily translate to subscriptions. And since Netflix has 125 million memberships to its streaming service, it’s unlikely the number of cancellations will put a dent in that number. | ashraq/financial-news-articles | http://fortune.com/2018/05/22/netflix-users-obama-boycott/ |
Twice in the past three years, former New York state Assembly Speaker Sheldon Silver has sat in the same Manhattan federal courtroom and heard opening statements in his public-corruption trial.
“Power. Greed. Corruption,” then-Assistant U.S. Attorney Carrie Cohen repeated in her November 2015 opening statements, in a courtroom that included former-Manhattan U.S. Attorney Preet Bharara.
“Quid... | ashraq/financial-news-articles | https://www.wsj.com/articles/corruption-retrial-begins-for-former-new-york-assembly-speaker-1525118241 |
BRIDGEWATER, N.J., Salix Pharmaceuticals, Ltd. ("Salix"), one of the largest specialty pharmaceutical companies in the world committed to the prevention and treatment of gastrointestinal diseases and a wholly owned subsidiary of Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX), and its partner Norgine B.V. ("Norgine") announced today that the U.S. Food and Drug Administration (FDA) has approved PLENVU® (polyethylene glycol 3350, sodium ascorbate, sodium sulfate, ascorbic acid, sodium chloride and potassium chloride for oral solution), a lower-volume (1L) polyethylene glycol based (PEG) bowel preparation.
Colorectal cancer is the third leading cause of cancer-related deaths in women and the second leading cause in men in the United States. The American Cancer Society estimates that there are approximately 97,000 new cases of colon cancer and 43,000 new cases of rectal cancer each year. 1 It is also shown that successful colorectal cancer screening can help save lives. 1
"With the FDA approval of PLENVU®, physicians can now offer their patients a new preparation option for colonoscopies that features a lower-volume, one-liter PEG bowel preparation," said Mark McKenna, senior vice president and general manager, Salix Pharmaceuticals. "Studies have shown that high-volume bowel preparations can often be a deterrent to patients fully completing their preparation regimen. In contrast, PLENVU® is the lowest, total-volume preparation bowel cleanser available in the United States."
According to patients' experiences and reported barriers to colonoscopy, most patients perceived the bowel preparation to be the most burdensome part of colonoscopy. 2 Complaints regarding bowel preparation typically relate to the large volumes necessary to consume and the unpleasant taste. By reducing the volume of solution patients must consume for effective bowel cleansing to only one liter of active solution, Salix hopes to improve the patient colonoscopy preparation experience with PLENVU®.
"Often considered to be the gold standard, colonoscopy is the most effective screening method for the detection and prevention of colon cancer. With today's approval, we have a next-generation, one liter low volume option while still providing adequate and effective cleansing," said Philip Schoenfeld, M.D.
The approval was based on multiple Phase 3 clinical trials, including the NOCT study, 3 which compares PLENVU® versus a trisulfate bowel cleansing solution (SUPREP ® ) using a two-day split-dosing regimen in adults. Both primary endpoints were met, achieving non-inferior overall bowel cleansing success and 'Excellent plus Good' cleansing of the ascending colon. PLENVU® is also the only FDA-approved bowel cleanser to offer split dosing on the same day as the colonoscopy procedure.
PLENVU® was licensed by Salix from Norgine in August 2016 for introduction to the U.S. market and will be available in the U.S market in the third quarter of 2018.
In Europe, PLENVU® is approved and available through Norgine.
About PLENVU ® ( polyethylene glycol 3350, sodium ascorbate, sodium sulfate, ascorbic acid, sodium chloride and potassium chloride for oral solution )
PLENVU® (NER1006) is a low-volume (1L) polyethylene glycol based bowel preparation that has been developed to provide whole bowel cleansing, with an additional focus on the ascending colon.
PLENVU® Phase 3 Clinical Trial Program
NOCT study. A U.S. study that compared PLENVU ® to a trisulfate bowel cleansing solution using a two-day evening/morning split-dosing regimen in adults. Both primary endpoints were met. PLENVU ® was as effective as a trisulfate solution in achieving overall bowel cleansing success and 'high quality' cleansing of the right colon. 3 MORA study. A European study that compared PLENVU ® to MOVIPREP ® using a two-day evening/morning split-dosing regimen and a one-day morning only split-dosing regimen in adults. The study met both of its primary endpoints. When administered using either dosing regimen, PLENVU ® was as effective as MOVIPREP ® in achieving overall bowel cleansing success, and superior to MOVIPREP ® in achieving 'high quality' cleansing of the right colon using the Harefield Cleansing Scale (HCS). 4
About Norgine
Norgine is a leading European specialist pharmaceutical company with a direct commercial presence in all major European markets. In 2017, Norgine's total net sales were EUR 345 million, up 17 per cent.
Norgine employs over 1,000 people across its commercial, development and manufacturing operations and manages all aspects of product development, production, marketing, sale and supply.
Norgine specialises in gastroenterology, hepatology, cancer and supportive care. Norgine is headquartered in the Netherlands. Norgine owns a R&D site in Hengoed, Wales and two manufacturing sites in Hengoed, Wales and Dreux, France. For more information, please visit www.norgine.com
About Salix
Salix Pharmaceuticals is one of the largest specialty pharmaceutical companies in the world committed to the prevention and treatment of gastrointestinal diseases. For almost 30 years, Salix has licensed, developed, and marketed innovative products to improve patients' lives and arm healthcare providers with life-changing solutions for many chronic and debilitating conditions. Salix currently markets its product line to U.S. healthcare providers through an expanded sales force that focuses on gastroenterology, hepatology, pain specialists, and primary care. Salix is headquartered in Bridgewater, New Jersey.
About Valeant
Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a global company whose mission is to improve people's lives with our health care products. We develop, manufacture and market a range of pharmaceutical, medical device and over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology. We are delivering on our commitments as we build an innovative company dedicated to advancing global health.
Forward-looking Statements
This press release may contain forward-looking statements which may generally be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," "target," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in the Company's most recent annual or quarterly report and detailed from time to time in Valeant's other filings with the Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Valeant undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes, unless required by law.
PLV.0039.USA.18
1 American Cancer Society https://www.cancer.org/cancer/colon-rectal-cancer/about/key-statistics.html
2 Patients' experiences and reported barriers to colonoscopy in the screening context--a systematic review of the literature. Retrieved from https://www.ncbi.nlm.nih.gov/pubmed/21640543 .
3 DeMicco MP, Clayton LB, Pilot J et al. Novel 1 L polyethylene glycol-based bowel preparation NER1006 for overall and right-sided colon cleansing: a randomized controlled phase 3 trial versus trisulfate. Gastrointest Endosc 2017; 87(3):677-687
4 Bisschops R, et al. Tu2084 Efficacy and Safety of the Novel 1L PEG and Ascorbate Bowel Preparation NER1006 Versus Standard 2L PEG With Ascorbate in Overnight or Morning Split-Dosing Administration: Results from the Phase 3 Study MORA. Gastroenterology, Volume 150, Issue 4, Supplement 1, April 2016, Pages s1269-s1270.
Investor Contact:
Media Contacts:
Arthur Shannon
Lainie Keller
[email protected]
[email protected]
514-856-3855
908-927-0617
Karen Paff
[email protected]
908-927-1190
with multimedia: releases/salix-receives-fda-approval-for-plenvu-next-generation-1-liter-bowel-cleansing-preparation-for-colonoscopies-300643307.html
SOURCE Salix Pharmaceuticals, Ltd. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/07/pr-newswire-salix-receives-fda-approval-for-plenvua-next-generation-1-liter-bowel-cleansing-preparation-for-colonoscopies.html |
LONDON, May 15 (Reuters) - “Shock and disbelief” - that’s how global money managers reacted to an attempt by Turkish President Tayyip Erdogan to re-assure foreign investors about his economic management as the lira went into tailspin.
Fund managers who met Erdogan and his delegation in London on Monday, part of a three-day visit to Britain, were baffled about how he plans to tame rising inflation and a currency in freefall - while simultaneously seeking lower interest rates.
Some said that while Erdogan has crushed his domestic enemies, he would find taking on international financial markets with policies that defy economic orthodoxy much tougher.
A resurgent dollar, rising oil prices and a jump in borrowing costs have caused havoc across emerging markets in recent weeks. However, Turkey has been among the worst affected due to its a gaping current account deficit and growing puzzlement over who exactly holds the reins of monetary policy.
Erdogan’s comments that he planned to take greater control of the economy after snap presidential and parliamentary elections next month deepened investors’ worries about the central bank’s ability to fight inflation, helping to send the lira to a record low on Tuesday.
Rampant inflation dogged Turkey for decades before 2000 and has been back in double digits since the start of 2017. But Erdogan has styled himself as an enemy of high interest rates, defying orthodox monetary policy that prescribes tighter credit to keep a lid on prices.
Speaking on condition of anonymity due to the political sensitivity of the meetings, investors told Reuters they were flabbergasted by his stance and willingness to go into battle with world markets at such a fragile time.
FINDING ENEMIES One noted Erdogan’s long list of enemies including U.S.-based Islamic preacher Fethullah Gulen, whom he accuses of orchestrating a failed coup in 2016.
“He picks battles with everybody ... he is fighting the opposition, he is fighting Gulen, he is fighting the extremists, he is fighting after the failed coup - now he is fighting the markets, and that is dangerous,” said one fund manager at a major asset management firm,
“You can find your domestic foes all you want, but when you are trying to take on a financial market, that is a battle you can’t really win,” said the manager whose firm attended a closed-door investor meeting with Deputy Prime Minister Mehmet Simsek.
Another portfolio manager, who attended a meeting with Erdogan, said the president had been “very honest” and clear about where he expected interest rates to go if he should win the elections on June 24.
“Erdogan...said when he (is re-elected) president, he will ensure rates will be low, not high,” the portfolio manager said. “His view is that high rates lead to high inflation, I’m not sure I agree with that view.”
Once a darling of emerging market investors, Turkey has seen its star fall dramatically in recent years, hit by slowing growth and concern about Erdogan’s outsize influence over monetary and fiscal policy.
Having weakened five straight years already, the lira is on track for a 15 percent fall since the start of the year against the dollar - making it one of the worst performing emerging market currencies.
“He thinks the market is a bunch of speculators, and that is not his audience, his audience are ordinary people in Turkey and they need lower rates,” said a third asset manager, whose firm also attended the Erdogan meeting.
Yet Erdogan’s message to investors was firmly in line with in an interview with Bloomberg Television, where he also explicitly declared his intention to influence monetary policy despite the central bank’s independence.
“Why the hell would you come to London, and basically send this message to institutional investors which is exactly what they did not want to hear?” he added. (Reporting by Karin Strohecker, additional reporting by Marc Jones; editing by David Stamp)
| ashraq/financial-news-articles | https://www.reuters.com/article/turkey-markets-investors/disbelief-investors-in-turkey-stunned-by-erdogans-fight-with-markets-idUSL5N1SM787 |
Sanders responds to queries about Stormy Daniels payment & reimbursement 1 Hour Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/sanders-responds-to-queries-about-stormy-daniels-payment-reimbursement.html |
DOWNERS GROVE, Ill. and BURY ST. EDMUNDS, England, May 8, 2018 /PRNewswire/ -- Univar Inc. (NYSE: UNVR) ("Univar"), a global chemical and ingredient distributor and provider of value-added services announced today that its wholly owned subsidiary, Univar Ltd., has reached an agreement to acquire Earthoil ("Earthoil Plantations Limited"), a subsidiary of Treatt plc, the London-listed manufacturer and supplier of innovative ingredient solutions for the flavor, fragrance, beverage, and consumer products industries. In 2017, the Company generated approximately $11 million in annual sales. The acquisition is expected to close at the end of May 2018.
Earthoil is a supplier of pure, organic, fair trade essential and cold-pressed vegetable seed oils used in the naturals, organic beauty, and personal care markets. The Company has well-established relationships with leading international personal care brands and provides brand owners with naturally sourced products and ingredients such as marula, moringa, argan, avocado, baobab and other natural vegetable and essential oils. Vegetable-origin and naturally-derived green and ethical ingredients are a frequent consumer demand in the beauty and personal care market.
"Earthoil presents us with an attractive opportunity to add a natural ingredient product portfolio that we can leverage across our growing customer base in the European and global natural beauty and personal care market," said Nick Powell, Univar's president of EMEA. "Earthoil and Univar share a commitment to develop ethically and socially responsible ingredients for our customers as well as our key supplier partners."
Richard Eyles, Earthoil general manager, commented "I'm really excited about this new chapter in the story of Earthoil. Over the last decade Earthoil has gained a justified reputation for supplying sustainable, organic oil ingredients for the personal care sector. The synergistic combination of Univar's global sales reach, distribution expertise and formulation laboratories, coupled with Earthoil's expertise in sourcing its provenance-rich range of essential oils and vegetable oils, will benefit our valued customers."
About Univar
Founded in 1924, Univar (NYSE: UNVR) is a global chemical and ingredient distributor and provider of value-added services, working with leading suppliers worldwide. Supported by a comprehensive team of sales and technical professionals with deep specialty and market expertise, Univar operates hundreds of distribution facilities throughout North America, Western Europe, Asia-Pacific and Latin America. Univar delivers tailored customer solutions through a broad product and services portfolio sustained by one of the most extensive industry distribution networks in the world. For more information, visit www.univar.com
About Earthoil
Earthoil specializes in the supply of pure, organic, fair trade essential and cold pressed vegetable seed oils. Ethical, fair and sustainable trade is at the heart of Earthoil. The company offers an extensive product portfolio of natural raw materials to a wide range of organizations within the personal care sector.
Through an integrated supply chain, we deliver high-quality organic, fair trade ingredients by maintaining clear operational standards in growing, handling, storage and distribution. Earthoil's experience and reputation in the marketing of essential and pressed seed oils is underpinned by our direct experience in farming and extraction. We also work closely with certifiers, processors and growers to ensure our products meet the most exacting quality standards. Earthoil's organic and fair trade certified products are supplied worldwide.
Earthoil is an expert in certified organic oils, and can help develop new market opportunities for both established and unique oils from around the world.
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. We caution you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "comfortable with," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
View original content with multimedia: http://www.prnewswire.com/news-releases/univar-announces-agreement-to-acquire-earthoil-300644879.html
SOURCE Univar Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-univar-announces-agreement-to-acquire-earthoil.html |
May 4 (Reuters) - NRJ GROUP SA:
* Q1 REVENUE EXCLUDING BARTERS EUR 90.0 MILLION VERSUS EUR 88.7 MILLION YEAR AGO Source text for Eikon: Further company coverage: (Gdynia Newsroom)
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-nrj-group-q1-revenue-excluding-bar/brief-nrj-group-q1-revenue-excluding-barters-up-at-90-0-million-euros-idUSFWN1SB1E3 |
May 27, 2018 / 4:12 PM / Updated 3 hours ago No deja-vu in Paris: Venus Williams ousted in first round at French Open 4 Min Read
PARIS (Reuters) - What Venus Williams would have given for a dash of deja-vu in Paris on Sunday. Tennis - French Open - Roland Garros, Paris, France - May 27, 2018 Venus Williams of the U.S. reacts during her first round match against China's Qiang Wang REUTERS/Christian Hartmann
The same Grand Slam tournament, the same opening round, the same opponent as last year, but at Roland Garros this year the American slumped out 6-4 7-5 to China’s Wang Qiang.
The loss marked the first time 2002 runner-up Williams has lost her opening match here since 2001, and the only time in her career she has lost consecutive Grand Slam opening round matches.
“There really are no perfect days in tennis, so...” the 37-year-old mused enigmatically. “At this point I have just got to look forward.
“I just want to be my best, that is all... nobody plans on this.”
If Sunday’s result marked a low point for Venus, it represented the best win of Wang’s career, and one for which she was good value.
Her comments post-match attempted to play it down, though, Wang saying only that the win had been “one of” the best of her career. Tennis - French Open - Roland Garros, Paris, France - May 27, 2018 Venus Williams of the U.S. during her first round match against China's Qiang Wang REUTERS/Christian Hartmann
Wang might have been forgiven for rolling her eyes when the draw was made on Thursday, having been beaten by Williams both here and at Wimbledon in their only previous meetings.
But the 26-year-old set about her task with enthusiasm on a sun-bathed Court Suzanne Lenglen, never allowing her rangy opponent to settle.
Compact and busy, Wang looked to be putting more effort in every ball than Williams with her long fluid shots and languid movement.
And on a hot day which had both players glistening with sweat by the end of the opening game such differences can count double.
So too can free points and short ones, and both Wang and Williams looked to shorten rallies with heavily thumped groundstrokes aimed for the lines. Slideshow (8 Images)
When faced with a wingspan like that of Williams, margin for error is miniscule, and Wang fired shot after shot onto the lines, killing off Williams’s scooped, looped backhands with dead flat varieties of her own.
There was barely a wisp of wind to offer the overheating players any respite, but Wang, dressed all in black, never took a backward step, sealing the opening in the 10th game after a flurry of points including a drive-volley which left the increasingly frustrated Williams wrong-footed.
The double-fault that Williams hit to lose the first set may have been more indicative of her fortunes, as she struggled to get a good grasp on her game.
Williams has the air of someone who has seen it all, done it all, which, in tennis terms, is pretty much the case.
She eased her way into a 3-0 lead in the second set, but the smoke and mirrors couldn’t mask the holes in her game with Wang taking the ball earlier and striking it with more purpose.
The Chinese was soon level and when Williams double-faulted again — for the fourth time — in the 11th game of the second set, it opened the door for Wang to record a notable win.
She did not need asking twice and sealed it, rather fittingly, when Williams clubbed her 35th unforced error into the net.
Beaming with joy, Wang waved to the crowd and skipped up and down as Williams stalked to the changing rooms.
Next up for Williams is Wimbledon, a tournament she has won five times, but not since 2008. A runners-up finish there last year will give her cause for hope, though.
“I have five weeks, so...” she smiled. Reporting by Ossian Shine, editing by Neil Robinson | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-venus/no-deja-vu-in-paris-venus-williams-ousted-in-first-round-at-french-open-idUSKCN1IS0KP |
SARASOTA, Fla., May 21, 2018 (GLOBE NEWSWIRE) -- Roper Technologies, Inc. (NYSE:ROP), a diversified technology company, today announced that it has reached a definitive agreement to acquire PowerPlan in an all-cash transaction valued at $1.1 billion. PowerPlan is a leading provider of software and solutions for asset-centric companies, enabling its customers to optimize their financial performance and achieve regulatory compliance.
PowerPlan’s award-winning software platform integrates highly detailed financial and operational data to help enhance operational efficiency, minimize tax obligations, improve cash flow, and mitigate compliance risk. This comprehensive software solution delivers insight into the impact of complex rules and regulations on areas such as lease accounting, income and property tax provisions, and capital planning, enabling customers to make decisions that improve financial performance.
“We are excited to add another industry-leading, niche application software business to our family,” said Brian Jellison, Roper’s Chairman, President, and CEO. “The PowerPlan transaction demonstrates our disciplined capital deployment strategy, which results in the acquisition of high performing, niche businesses that grow and compound our cash flow.”
Neil Hunn, Roper’s Executive Vice President and Chief Operating Officer, noted, “PowerPlan provides the technology backbone enabling its customers to get the enhanced financial, tax, and operational information they need to improve financial performance. We look forward to working with PowerPlan’s leadership team to continue to grow their innovative product suite, loyal customer base, and strong cash profile.”
PowerPlan will continue to manage the business from its Atlanta, Georgia headquarters. PowerPlan’s name and brands are not expected to change as a result of the transaction.
PowerPlan is currently an investment of private equity firm Thoma Bravo.
Acquisition Financing and Financial Outlook
During the first 12 months of ownership, Roper expects PowerPlan to deliver approximately $150 million of revenue and $60 million of after-tax free cash flow, excluding the impact of fair value accounting for PowerPlan’s deferred revenue and financing costs. Roper anticipates funding the transaction using its revolving credit facility and cash on hand, and expects the acquisition to be immediately cash accretive. PowerPlan has a strong history of growth in revenue, EBITDA, and cash flow, which Roper expects to continue.
The transaction is expected to close in the second quarter, subject to regulatory approval and customary closing conditions.
About Roper Technologies
Roper Technologies is a constituent of the S&P 500, Fortune 1000, and the Russell 1000 indices. Roper operates businesses that design and develop software (both license and software-as-a-service) and engineered products and solutions for a variety of niche end markets. Additional information about Roper is available on the Company’s website at www.ropertech.com
About PowerPlan
PowerPlan software provides financial insight into how complex rules and regulations impact your organization – empowering you to make credible decisions that improve overall corporate performance. The integrated solution provides complete visibility starting with forecasting and monitoring to scenario planning and analytics while maintaining financial compliance. For more information, email [email protected] or visit www.powerplan.com .
The information provided in this press release contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements may include, among others, statements regarding operating results, the success of our internal operating plans, and the prospects for newly acquired businesses to be integrated and contribute to future growth, profit and cash flow expectations. Forward-looking statements may be indicated by words or phrases such as "anticipate," "estimate," "plans," "expects," "projects," "should," "will," "believes," "intends" and similar words and phrases. These statements reflect management's current beliefs and are not guarantees of future performance. They involve risks and uncertainties that could cause actual results to differ materially from those contained in any forward-looking statement. Such risks and uncertainties include our ability to identify and complete acquisitions consistent with our business strategies, integrate acquisitions that have been completed, realize expected benefits and synergies from, and manage other risks associated with, the newly acquired businesses. We also face other general risks, including our ability to realize cost savings from our operating initiatives, general economic conditions and the conditions of the specific markets in which we operate, changes in foreign exchange rates, difficulties associated with exports, risks associated with our international operations, increased product liability and insurance costs, increased warranty exposure, future competition, changes in the supply of, or price for, parts and components, environmental compliance costs and liabilities, risks and cost associated with asbestos related litigation, potential write-offs of our substantial intangible assets, and risks associated with obtaining governmental approvals and maintaining regulatory compliance for new and existing products. Important risks may be discussed in current and subsequent filings with the SEC. You should not place undue reliance on any forward-looking statements. These statements speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
Contact Information:
Investor Relations
941-556-2601
[email protected]
Source:Roper Technologies, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/21/globe-newswire-roper-technologies-to-acquire-powerplanaleading-provider-of-software-and-solutions-for-financial-and-compliance-management.html |
NEW YORK--(BUSINESS WIRE)-- Schroders today announces that it has made a 20% equity investment in, and provided financing in connection with the recapitalization of, A10 Capital, a full-service commercial real estate (CRE) lending organization specializing in mid-market CRE loans, including bridge and permanent loans. Founded in 2007, A10 Capital is based in the United States with origination offices in key markets and principal offices in Boise, Idaho and Dallas, Texas.
The investment is being made alongside an investment by Gemspring Capital, a middle market private equity firm based in Westport, Connecticut.
Concurrent with the investment, Schroders and A10 have entered into an agreement through which Schroders will benefit from A10’s extensive origination network and servicing platform to access mid-market CRE loan opportunities for its clients. The agreement also provides A10 with the opportunity to significantly diversify its balance sheet funding model. The two firms have a five-year history of successful collaboration and this new relationship deepens the commitment by Schroders to provide client capital to this important market segment. The portfolio management process will be overseen by Schroders’ New York-based Securitized Credit team, led by Michelle Russell-Dowe, Head of Securitized Credit with Jeff Williams, Fixed Income Fund Manager, serving as lead portfolio manager for this initiative.
Karl Dasher, CEO – North America and Co-Head of Fixed Income, said:
“We are pleased to join Gemspring as a co-investor in the recapitalization of A10 and to deepen our relationship with the team. A10 has established a technology driven platform with a strong credit culture that fits well with our investment and corporate culture. Their sourcing and servicing capability will play an important role in our effort to offer more private debt opportunities that meet the growing investor need for compelling fixed income returns while maintaining rigorous credit standards.”
Jerry Dunn, CEO of A10 said,
“This transaction further strengthens A10’s balance sheet. A10’s continuing on balance sheet loan programs combined with the opportunity, where mutually beneficial, to access funds and separate accounts managed by Schroders, greatly broadens our ability to serve our borrowers, building on our legacy as a thought leader in middle-market commercial real estate lending.”
Broadhaven Capital Partners acted as financial advisor to Schroders in connection with the transaction, and Sidley Austin LLP acted as Schroders’ legal counsel.
Note to Editors
Schroders plc
As a global investment manager, we help institutions, intermediaries and individuals meet their goals, fulfil their ambitions, and prepare for the future. But as the world changes, so do our clients’ needs. That’s why we have a long history of adapting to suit the times and keeping our focus on what matters most to our clients.
Doing this takes experience and expertise. We bring together people and data to spot the trends that will shape the future. This provides a unique perspective which allows us to always invest with conviction. We are responsible for 604.7 billion (€503.6 billion/£447.0 billion)* of assets for our clients who trust us to deliver sustainable returns. We remain determined to build future prosperity for them, and for all of society. Today, we have 4,600 people across six continents who focus on doing just this.
We are a global business that’s managed locally. This allows us to always keep our clients’ needs at the heart of everything we do. For over 200 years and more than seven generations we’ve grown and developed our expertise in tandem with our clients’ needs and interests.
Further information about Schroders can be found at www.schroders.com/us .
Schroder Investment Management North America Inc. (“SIMNA”) is an indirect wholly owned subsidiary of Schroders plc, a UK public company with shares listed on the London Stock Exchange, and is an SEC registered investment adviser providing asset management products and services to clients in the US and Canada. Schroder Fund Advisors LLC (“SFA”) is a wholly-owned subsidiary of SIMNA Inc. and is registered as a limited purpose broker-dealer with FINRA and markets certain investment vehicles for which SIMNA Inc. is an investment adviser. The Schroder mutual funds (the “Funds”) are distributed by SEI Investments Distribution Co (“SIDCO”), a member of FINRA . SFA previously served as the distributor of the Funds. Although SFA has been replaced by SIDCO as the distributor of the Funds, SFA continues to be involved in the distribution of shares of the Funds through an agreement with SIDCO, and SFA, SIMNA and their affiliates continue to provide shareholder services to the Funds. SIDCO is not an affiliate of Schroders plc.
*as of December 31, 2017
About A10 Capital, LLC
Both commercial property and single-family rental home investors rely on A10 Capital as their one-stop balance sheet lender for middle-market commercial mortgages. With loans ranging from $1 million to over $30 million per commercial property and as authorized Seller/Servicer of the Freddie Mac Single-Family Rental (SFR) pilot program, A10’s broad menu of bridge and permanent loans cover the entire life cycle of properties across the United States. The Company’s full-service platform incorporates focused origination, speedy underwriting, in-house legal and servicing for the life of the loan. An innovator in the industry with a scalable funding model, A10 is backed by significant institutional investors. A10 is based in Boise and Dallas and has regional offices in key markets nationwide. For more information, visit www.a10capital.com .
View source version on businesswire.com : https://www.businesswire.com/news/home/20180503006743/en/
Prosek
Catherine Wooters, 347-486-6335
[email protected]
or
Schroders
Jennifer Manser, 212-632-2947
[email protected]
Source: Schroders | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/03/business-wire-schroders-deepens-private-debt-capabilities-through-investment-in-commercial-real-estate-lending-firm-a10-capital.html |
SEOUL (Reuters) - South Korean prosecutors are looking into U.S. activist fund Elliott Management to see whether it violated disclosure rules, local media reported on Wednesday.
FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, March 23, 2018. REUTERS/Kim Hong-Ji/File Photo Yonhap News Agency said the investigation was in relation to its 2015 purchase of shares in Samsung C&T Corp ( 028260.KS ), citing prosecutors.
Elliott declined to comment when contacted by Reuters.
Elliott has challenged the country’s top two family-run conglomerates, most recently Hyundai Motor Group over better corporate governance and returns to shareholders.
In 2015, the activist fund took on Samsung, South Korea’s largest family-run conglomerate. It narrowly failed to block an $8 billion merger between Samsung C&T and Cheil Industries, which it argued was unfair.
Elliott held about 7 percent shares in Samsung C&T at the time.
Yonhap added South Korean prosecutors had notified the fund’s officials of a plan to interview them, but cited a prosecution official as saying it might be difficult to question them as they are outside South Korea.
The Seoul prosecutors’ office did not answer calls from Reuters outside regular business hours.
Elliott has begun a legal dispute with the South Korean government over the 2015 tie-up of two Samsung affiliates, a South Korean government official said on Tuesday.
The U.S. fund said it was seeking to negotiate with South Korea regarding compensation for its damages from the merger.
The deal later became the center of a corruption scandal that led to the arrests of former president Park Geun-hye and the heir to the Samsung empire, Jay Y. Lee last year.
Reporting by Ju-min Park in SEOUL, Liana Baker in NEW YORK; Editing by David Evans
| ashraq/financial-news-articles | https://www.reuters.com/article/us-samsung-c-t-corp-elliott/south-korea-looking-into-elliott-over-disclosure-rules-media-idUSKBN1I324G |
BTIG co-founder: All market trends seem to be positive 16 Mins Ago CNBC's Bob Pisani speaks with BTIG Co-Founder Steven Starker at the firm's charity day about the state of the markets and U.S. economy. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/08/btig-co-founder-all-market-trends-seem-to-be-positive.html |
Big-name hedge funds pile into Facebook, sell Apple shares Several "Tiger Cub" hedge funds acquired Facebook shares in the March quarter. Lone Pine, Viking and Tiger Global bought the social networking company's stock during the first quarter, according to required 13F filings with the Securities and Exchange Commission. CNBC.com Getty Images Facebook CEO Mark Zuckerberg speaks during the F8 Facebook Developers conference on May 1, 2018 in San Jose, California.
The smart money is betting Facebook will not suffer lasting effects from its Cambridge Analytica data scandal.
Some of the biggest names in hedge funds bought Facebook shares in the March quarter, according to required 13F filings with the Securities and Exchange Commission.
CNBC used Symmetric.io , a hedge fund tracking firm, to analyze the major trading trends in filings from nearly 1,000 hedge funds in its database.The database revealed the hedge funds that Symmetric tracked cumulatively bought more than 32 million shares of Facebook in the first quarter.
Several famous "Tiger Cubs" bought the social networking company's stock, including Lone Pine, Viking Global and Tiger Global.
"Tiger Cubs" reference hedge-fund firms founded by analysts who used to work for Julian Robertson of Tiger Management.
In the first quarter, Lone Pine added 3.3 million Facebook shares, while Viking bought 5.5 million shares. Tiger Global increased its stake by 2.6 million shares to nearly 5 million in total. Dan Loeb's Third Point also added 600,000 shares of Facebook.
Conversely, the hedge funds in the Symmetric database sold a total of 28.6 million shares of Apple in the first three months of the year.
David Tepper's Appaloosa Management sold its entire Apple stake of 4.6 million shares in the March quarter, while "Tiger Cub" Coatue sold 2.4 million shares.
The moves stand in contrast to Warren Buffett's Berkshire Hathaway, which added nearly 75 million shares of Apple in the same period. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/16/big-name-hedge-funds-pile-into-facebook-sell-apple-shares.html |
May 9, 2018 / 1:41 PM / in 7 minutes Anti-abortion activists cry foul as Google pulls all referendum ads Graham Fahy 2 Min Read
DUBLIN (Reuters) - Google announced plans on Wednesday to suspend advertisements related to Ireland’s May 25 abortion referendum, sparking an angry response from anti-abortion activists who said the move would hurt them most. Pro-Life and Pro-Choice posters are seen outside the home of Amy Callahan who received a fatal foetal diagnosis at 12 weeks into her pregnancy and travelled to Liverpool for a termination in Dublin, Ireland, May 7, 2018. REUTERS/Clodagh Kilcoyne
The policy change comes a day after Facebook ( FB.O ) said it would no longer accept ads from outside the country that seek to influence the referendum.
Google ( GOOGL.O ) went one step further and said it would not accept any ads related to the referendum, not just those from groups or individuals seeking to sway the vote.
“Following our update around election integrity efforts globally, we have decided to pause all ads related to the Irish referendum on the Eighth Amendment,” a Google spokesperson said on Wednesday.
Ireland’s referendum on whether to liberalize its abortion laws will give voters the first opportunity in 35 years to repeal a constitutional ban that has long divided the once deeply Catholic nation.
Google’s policy change will be effective from May 10 and includes YouTube ads. It will remain in place until after the referendum.
Anti-abortion campaigners reacted with fury to the move, arguing it will deprive them of a key platform for their message and represents a bid to help those favoring a more liberal abortion regime.
“Its scandalous, and it is an attempt to rig the referendum,” umbrella group Save the 8th said in a statement.
“Online was the only platform available to the No campaign to speak to voters directly. That platform is now being undermined in order to prevent the public from hearing the message from one side.” Reporting by Graham Fahy; Editing by Richard Balmforth | ashraq/financial-news-articles | https://www.reuters.com/article/us-ireland-abortion-alphabet/google-to-ban-all-ads-related-to-irish-abortion-referendum-idUSKBN1IA244 |
LONDON (Reuters) - British Prime Minister Theresa May said on Sunday she could be trusted to deliver Brexit, but that it could not be done without compromises on all sides — a possible warning to cabinet ministers who are deeply split over future customs arrangements.
Prime Minister Theresa May speaks to party supporters at Sedgley Conservative Club in Dudley, United Kingdom May 4, 2018. Anthony Devlin/Pool via REUTERS The divisions inside her government over the customs issue were laid bare on Tuesday when Foreign Minister Boris Johnson said proposals for a customs partnership with the European Union after Britain leaves the bloc were “crazy”.
May’s decision to leave the EU’s customs union, which sets tariffs for goods imported into the bloc, has become one of the main flashpoints in the Brexit debate, pitting companies and pro-EU campaigners against eurosceptics in parliament.
The issue has all but stalled Brexit discussions in Brussels and politics in Britain where as pro-Brexit lawmakers have lined up to denounce what is said to be May’s preferred plan.
The customs partnership would see Britain essentially collect tariffs on behalf of the EU in order to keep trade with the bloc flowing freely.
The Sunday Telegraph said at least a dozen of the 28 ministers in May’s cabinet were planning to block her proposal.
But May wrote in the Sunday Times: “You can trust me to deliver.”
An alternative proposal, called “maximum facilitation”, which relies on future technology to ensure trade continues easily after Brexit, is also being considered by members of her cabinet.
The EU has dismissed both proposals.
May said she had put forward different options, but she stressed Britain would leave the EU’s customs union so the country could establish its own independent trade policy.
“Of course, the details are incredibly complex and, as in any negotiation, there will be compromises,” she said.
But she said she was setting out a path to deliver the Brexit people had voted for.
“I will need your help and support to get there,” she said in the Sunday Times article. “And in return, my pledge to you is simple: I will not let you down.”
Environment Minister Michael Gove, a prominent “Leave” supporter in the 2016 referendum campaign, said neither proposal was absolutely perfect.
“The new customs partnership has flaws and they need to be tested,” he told the BBC’s Andrew Marr Show on Sunday, adding that ministers were scrutinising both options.
Labour’s Brexit spokesman Keir Starmer said the government was in a “farcical situation”.
“Nearly two years after the referendum the cabinet is fighting over two customs options, neither of which frankly are workable, neither of which are acceptable to the EU, and if either of which were put to the vote in parliament, they probably wouldn’t carry a majority,” he said on the same programme.
Starmer said a comprehensive customs union with the EU was a necessary minimum to avoid creating a hard border between British ruled Northern Ireland and the Irish Republic.
“What we propose is a combination: on the one hand a comprehensive customs union (...) and also a strong single market relationship that hardwires the benefits of the single market into the future agreement,” he said.
May said in her article that any deal would honour the agreements reached in the Northern Ireland peace process, which could be jeopardised by the return a border controls.
“This means there can be no hard border between Northern Ireland and Ireland, or between Northern Ireland and the rest of the UK,” she said.
Reporting by Paul Sandle; Editing by Catherine Evans and Jane Merriman
| ashraq/financial-news-articles | https://in.reuters.com/article/britain-eu/trust-me-on-brexit-uk-pm-may-says-as-ministers-squabble-idINKCN1IE0KQ |
By Adam Lashinsky and David Meyer 6:48 AM EDT Every business needs to reinvent itself continuously, now more than ever. (Product plug: It’s why Fortune is launching the Brainstorm Reinvent conference in Chicago in September.) Big, slow-moving companies focused on dominant but mature product categories find the notion of reinvention particularly terrifying.
Consider, then, the spectacular renewal story unfolding at Apple , a gigantic, fast-moving corporation that reaps 62% of its revenue from one product, the iPhone. Apple declared a few years ago that “services,” by which it means subscriptions and online apps, would become a growth driver. In an earnings report Tuesday that exceeded recently reduced expectations, Apple showed the dramatic results of this effort.
Apple, the ultimate device company, reported services revenue of $9.2 billion, a respectable 15% of the total. That’s up six percentage points from three years ago. More impressively, services grew 31% year-over-year (versus 16% overall) and were the only Apple category to grow from the previous, holiday-juiced quarter. (iPhones, iPads, Macs, and “other” products make up the balance; services are larger than Macs.)
This reinvention may seem like an obvious strategy, but it wasn’t always. Apple long has prided itself on packaging clever software with gorgeous hardware. Customers bought new gadgets when Apple gave them something new to buy. That’s a still-important—but more problematic—business proposition as computers of all shapes and sizes last longer. So Apple has made a virtue of its 1.3 billion phones and other devices in the wild, all delivery mechanisms for its services.
For Apple to keep up its torrid growth—for an enormous company, that is—it will need whole new device categories and a phone more mind-blowing than the pricey iPhone X. In the meantime, a non-trivial fillip like a basket of services that includes Apple Pay and Apple Music is the mark of a company with an eye to the future.
***
Quickly, please have a look at this troubling essay by historian Jay M. Smith about a giant business—big-time college sports—that hasn’t reinvented itself in years. For proof of this issue’s timelessness, peruse this 1990 article about a famous magazine piece, “Gate Receipts and Glory,” that decried the pernicious effects of moneyed sports on academic life—in 1938.
Adam Lashinsky @adamlashinsky [email protected] Top News
Xerox Chief Out
Xerox’s CEO and most of its board are heading for the exit to settle a suit waged by Carl Icahn and fellow shareholder Darwin Deason. The pair won a court order blocking a merger with Fujifilm Holdings. So CEO Jeff Jacobson is out and former Novitex boss John Visentin will take his place, according to the settlement. One issue though: Fujifilm will fight both the settlement and the merger-blocking court ruling. Reuters
Snap Tumble
Snap’s shares cratered yesterday, falling 15% after reporting disappointing revenues. Analysts expected $244.5 million for Q1; the Snapchat maker delivered $230.7 million. This is largely because of Snapchat’s poorly-received redesign, which separated the feeds of celebrities and brands from those of regular users. User growth was just 2% quarter-over-quarter, and Snapchat had 191 million daily active users in the quarter—analysts wanted 194.2 million. Fortune
China Negotiations
Chinese state media has warned the White House that it should not expect its counterparts to give in to all of President Donald Trump’s demands, ahead of a meeting that’s supposed to settle trade tensions. “Washington had better not expect that its trade-war stick will force Beijing to take whatever the U.S. delegation offers,” said the Global Times state mouthpiece. The meeting will take place tomorrow and Friday. CNBC
Trump’s Health
Harold Bornstein, the Trump physician who famously told the world that his patient’s “physical strength and stamina are extraordinary” at the outset of Trump’s presidential campaign, now says Trump himself dictated the letter. “[Trump] dictated the letter and I would tell him what he couldn’t put in there,” he said. Bornstein is out of Trump’s circle now, and alleges that former Trump bodyguard Keith Schiller and another “large man” raided his office in February 2017, to retrieve Trump’s medical records. CNN
Advertisement Around the Water Cooler
Trump’s Team
President Trump’s current legal team doesn’t have the security clearances they would need to discuss issues related to Trump’s potential grilling by Special Counsel Robert Mueller, Bloomberg reports. The only one who had a security clearance was John Dowd, who’s gone now (and who, according to AP , was the one who revealed that Mueller is considering subpoenaing Trump.) Bloomberg
United Pets
United will resume allowing passengers’ cats and dogs to travel in its planes’ cargo holds, after reviewing pet transport rules. The review was precipitated by a dog’s death in an overhead luggage bin. United said it will only carry certain breeds in its cargo holds, and it won’t fly animals to or from certain airports in summer, Las Vegas being one example. Wall Street Journal
BMW Safety
A British inquest into the death of a former soldier was told that BMW had failed to recall thousands of cars in the country, despite a government agency warning it of a fault. Narayan Gurung crashed into a tree on Christmas 2016 after swerving to avoid a BMW that had stalled due to an electric fault. The Driver and Vehicle Standards Agency had apparently been sending vehicle safety defect reports to the automaker from 2011 on. It was only after Gurung’s death that BMW told its customers about the flaw and recalled 36,000 cars. Times of London
Blockchain Hype
Blockchain experts have been testifying to the British Parliament about the technology, and it doesn’t seem like they’re hugely confident in its supposedly world-changing potential. As the Financial Times (whose writer also testified) reported, a diamond-registration blockchain exec noted that the system was “garbage in, garbage out,” and a researcher designing blockchain-based voting systems said the technology would only be useful for recording final results, rather than validating individual votes. Conclusion? “It sounds like the pixie dust is starting to wear off.” FT
This edition of CEO Daily was edited by David Meyer . Find previous editions here , and sign up for other Fortune newsletters here . | ashraq/financial-news-articles | http://fortune.com/2018/05/02/xerox-fujifilm-snap-stock-trump-bornstein-ceo-daily-for-may-2-2018/ |
ST. PETERSBURG (Reuters) - Russian businessman Grigory Berezkin said on Friday that he is still interested in buying the Reftinskaya coal-fired power plant from Italy’s Enel.
Berezkin said he had not dropped out of the race for the plant.
Reporting by Katya Golubkova; Writing by Maria Tsvetkova; editing by Vladimir Soldatkin
| ashraq/financial-news-articles | https://www.reuters.com/article/us-russia-enel-coal-plant-berezkin/russian-businessman-berezkin-says-still-interested-in-enels-power-plant-idUSKCN1IQ2AH |
Anticipated Transaction will Provide Pathway for Videology’s Future Growth by Improving Financial Position and Ensuring Seamless Continuation of Business Operations
NEW YORK--(BUSINESS WIRE)-- Please replace the release due to multiple revisions in the first paragraph.
The corrected release reads:
VIDEOLOGY ANNOUNCES CONDITIONAL SALE TO AMOBEE AS PART OF VOLUNTARY CHAPTER 11 RESTRUCTURING PROCESS
Anticipated Transaction will Provide Pathway for Videology’s Future Growth by Improving Financial Position and Ensuring Seamless Continuation of Business Operations
Today, Videology, a leading software provider for converged TV and video advertising, announced the filing of voluntary petitions for relief under Chapter 11 of the U.S. States Bankruptcy Code (with ancillary proceedings to be commenced in the United Kingdom). Concurrent with the filing, Videology announced that it has entered into a conditional asset purchase agreement with Amobee. Pursuant to the Chapter 11 sale process, all interested parties who meet the requirements of court-ordered bidding procedures will be able to submit competing offers to acquire Videology’s assets.
Scott Ferber, Founder and CEO, Videology, stated, “We are confident that today’s transaction represents the best path forward for Videology and is in the best interests of all our stakeholders. Most importantly, we anticipate it being seamless for our valued clients and partners, while providing Videology the financial stability and strategic position to drive future growth.”
Ferber continued, “Over the past decade Videology has successfully established ourselves as a leading provider of the software for the convergence of TV and video and have built a client list comprised of some of the biggest names on both demand and supply-side of the market. However, the industry is only in the early-stages of the TV and video advertising transformation that we were built to power, and it will take resources, capital and time to help transform a market as large as TV. The bottom line is that these moves put us in the best possible position to achieve our ambitious goals, and we remain dedicated to our mission of driving outstanding advertising results for our customers during this process – without interruption.”
The transaction was unanimously approved by the Videology Board of Directors. The close of the transaction is subject to court approval and other conditions.
Cole Schotz P.C. is serving as Videology’s bankruptcy counsel.
About Videology :
Videology ( videologygroup.com ) is a leading software provider for converged TV and video advertising. By simplifying big data, we empower marketers and media companies to make smarter advertising decisions to fully harness the value of their audience across screens. Our math and science-based technology enables our customers to manage, measure and optimize digital video and TV advertising to achieve the best results in the converging media landscape.
Videology, Inc., is a privately-held, venture-backed company, whose investors include Catalyst Investors, Comcast Ventures, NEA, Pinnacle Ventures, and Valhalla Partners. Videology is headquartered in New York, NY, with key offices in Baltimore, Austin, Toronto, London, Paris, Madrid, Singapore, Sydney, Tokyo and sales teams across North America.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510005254/en/
Sloane & Company
Dan Zacchei / Kate Traynor, 212-486-9500
[email protected] / [email protected]
Source: Videology | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-correcting-and-replacing-videology-announces-conditional-sale-to-amobee-as-part-of-voluntary-chapter-11-restructuring.html |
Oil drops as Trump weighs Iran nuclear deal 1:31pm EDT - 02:00
Oil prices tumbled from 3-1/2 year highs as media speculation on what President Trump would do with the Iran nuclear agreement put investors on edge. ▲ Hide Transcript ▶ View Transcript
Oil prices tumbled from 3-1/2 year highs as media speculation on what President Trump would do with the Iran nuclear agreement put investors on edge. Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code https://reut.rs/2KIgQQy | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/08/oil-drops-as-trump-weighs-iran-nuclear-d?videoId=425015843 |
SEATTLE--(BUSINESS WIRE)-- Visualant, Incorporated (OTCQB: VSUL) – a provider of identification, authentication and diagnostic solutions, announced today it has filed a corporate action with FINRA to change its corporate name from Visualant, Inc. to Know Labs, Inc. and to change its stock ticker symbol. The Company’s common stock will trade under the new stock symbol which will be announced as soon as it is approved by regulatory authorities.
Phil Bosua, Know Labs’ newly appointed Chief Executive Officer, said about the name change, “Our technology provides knowledge to businesses and consumers about their surroundings and themselves. Our proprietary ChromaID™ technology provides knowledge allowing for identification and authentication. Our newly introduced Bio-RFID™ technology will provide information and knowledge to consumers about their health and wellness. We will allow you to know more about yourself and the world you live in. Our name change acknowledges our movement to expand beyond color into the broader reaches of electromagnetic intelligence. I am excited that our forthcoming products will allow you to know yourself better.”
Visualant Founder and Chairman Ron Erickson said, “The new senior management and their new vision required, in my mind, a rebranding of the Company. The new name embodies the excitement of our recent technology breakthroughs, our new product plans and the energy and creativity of our new team. I share Phil’s excitement about the future.”
About Know Labs, Inc .
Know Labs (formerly Visualant) is a public company whose shares currently trade under the stock symbol “VSUL.” The company’s technology directs structured light or radio waves through a substance or material to capture a unique molecular signature. The Company refers to these signatures as ChromaID™ and Bio-RFID™. ChromaID and Bio-RFID are used to identify, detect, or diagnose substance markers or biomarkers that may be invisible to the human eye. ChromaID and Bio-RFID scanner modules can be integrated into a variety of mobile or bench-top form factors. This patented and patent pending, award-winning technology makes it possible to effectively conduct analyses that could only previously be performed by invasive and/or large and expensive lab-based tests. For more information on Know Labs, visit the company’s website at www.knowlabs.co
View source version on businesswire.com : https://www.businesswire.com/news/home/20180502005457/en/
Visualant
Mike Grabham, 206-354-8751
[email protected]
Source: Visualant, Incorporated | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/business-wire-visualant-incorporated-announces-name-change-to-know-labs-inc-and-files-to-trade-under-new-stock-symbol.html |
Mike Kane | Bloomberg | Getty Images The Amazon Spheres in Seattle, Washington, on Tuesday, January 23, 2018.
Seattle's city council on Monday approved a new tax for the city's biggest companies, including Amazon , to combat a housing crisis attributed in part to a local economic boom that has driven up real estate costs at the expense of the working class.
Amazon, the city's largest employer, said after the vote that it would go ahead with planning for a major downtown office building that it earlier had put on hold over its objections to a much stiffer tax plan originally proposed.
As passed on a 9-0 vote after a boisterous public hearing, the measure would apply to most companies grossing at least $20 million a year, levying a tax of roughly 14 cents per employee per hour worked within the city — about $275 annually for each worker.
That "head tax" formula is designed to raise $45 million to $49 million a year over the five-year life of the tax — down from an original $75 million annually — to build more affordable housing and support services for the homeless. The tax would end after five years unless renewed by the city.
Amazon had led private-sector opposition to the plan, saying earlier this month it was freezing expansion planning for Seattle pending the outcome of Monday's action. The move by the world's largest online retailer, owned by billionaire entrepreneur Jeff Bezos , put in question more than 7,000 new jobs.
Following the council vote, Amazon's vice president, Drew Herdener, said the company has resumed construction planning for its so-called Block 18 project in downtown Seattle, following the pause it announced two weeks ago.
However, he added, "We remain very apprehensive about the future created by the council's hostile approach and rhetoric toward larger businesses, which forces us to question our growth here."
Amazon said it is still evaluating whether to sub-lease space in a second future office tower in Seattle, a project called Rainier Square, meaning it may move some planned jobs elsewhere and thus avoid further raising its tax liability.
The tax also would hit such Seattle-based stalwarts as coffee retailer Starbucks and department store chain Nordstrom, as well as California-based tech giants like Apple , Google and Facebook that have enough of a presence in Seattle that they would be subject to the new levy.
The tax is expected to be borne by about 500 companies, accounting for 3 percent of the city's private sector. Healthcare companies are exempt, as are non-profits. Sponsors of the tax said Seattle's biggest-earning businesses should bear some burden for easing a shortage in low-cost housing that they helped create by driving up real estate prices to the point where the working poor and many middle-class families can no longer afford to live in the city.
Supporters cite data showing Seattle's median home prices have soared to $820,000, and more than 41 percent of renters in the city ranked as "rent-burdened," meaning they pay at least 30 percent of their income on housing.
The Seattle metropolitan area also is home to the third-largest concentrations of homeless people, nearly 12,000 counted in a January U.S. government survey, and almost half of them were living on the streets or otherwise unsheltered.
Mayor Jenny Durkan, who expressed concern that the original proposal would lead to an economic backlash, said she would sign the new tax ordinance into law.
She had offered an amendment to essentially cut the original $75 million tax proposal in half, but her proposal was rejected last Friday. Council members then negotiated over the weekend to craft a compromise that would gain greater support and was certain to win a veto-proof majority.
On Monday, about 40 elected officials from across the United States, some representing local governments in the running to host Amazon's second headquarters, published an open letter to Seattle in support of the head tax and expressing concern that Amazon opposed the measure.
"By threatening Seattle over this tax, Amazon is sending a message to all of our cities: we play by our own rules," the officials wrote.
The head tax approved on Monday is not the first. Denver has enacted a similar tax, and Chicago had one but repealed it. Seattle itself had a head tax in effect from 2006 to 2009 but it was repealed to help businesses in the midst of the recession. Related Securities | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/14/seattle-city-councils-new-tax-on-companies-including-amazon.html |
TOKYO (Reuters) - The euro struggled near a 6-1/2-month low against the dollar on Tuesday, as the bounce seen at the start of the week faded and investors took a grim view on the prospect of fresh elections in Italy.
FILE PHOTO: A bank employee holds a pile of 500 euro notes at a bank branch in Madrid January 13, 2011. REUTERS/Andrea Comas/File Photo The common currency was little changed at $1.1629 EUR= after slipping overnight to $1.1607, its lowest since Nov. 9.
It had spiked to $1.1728 earlier on Monday after Italian President Sergio Mattarella rejected a vocal critic of the single currency as economy minister.
But Mattarella’s veto angered the anti-establishment parties which had been trying to forge an alliance, prompting them to abandon their coalition plans and setting the stage for fresh elections.
Financial markets fear that the elections, which could take place as early as August, are seen as a quasi-referendum over Italy’s role in the European Union and euro zone and could end up strengthening eurosceptic parties even further.
Such worries have resulted in a big sell-off of Italian debt and a surge in safe-haven German bond prices. As a result, the yield spread between 10-year German and Italian bonds was at its broadest since December 2013.
“The sudden, broad widening of euro zone yield spreads caught market participants off guard and is a key factor in the euro’s sell-off. Basically, German bund yields are declining and this is negative for the euro,” said Yukio Ishizaki, senior currency strategist at Daiwa Securities in Tokyo.
“There are still a lot of euro long positions that had been built up during the currency’s bull phase until May that need to be unwound, and the euro’s decline looks set to continue indefinitely.”
The chill in broader investor risk appetite boosted the yen against its peers.
The euro was down 0.45 percent at 126.620 yen EURJPY= following a descent to an 11-month low of 126.520. So far in May it has lost 4 percent against the yen, which tends to attract demand during political unrest and market turbulence.
“The euro’s weakness is a key factor behind the yen’s strength. The yen’s strength relative to the euro is in turn lifting it against the dollar,” said Shusuke Yamada, chief Japan FX strategist at Bank of America Merrill Lynch.
With a decline in U.S. Treasury yields also weighing, the greenback lost about 0.4 percent to a three-week low of 108.910 yen JPY= .
The dollar rose briefly to 109.830 yen on Monday as U.S.-North Korea summit plans appeared to get back on track, but the relief has been quickly eclipsed by euro zone political concerns.
The dollar index against a basket of six major currencies .DXY was 0.2 percent higher at 94.370 and not far from a 6-1/2-month peak of 94.496 scaled on Monday.
The Australian dollar, sensitive to shifts in risk sentiment, was down 0.3 percent at $0.7525 AUD=D4 . The New Zealand dollar slipped 0.2 percent to $0.6929 NZD=D4 .
Reporting by Shinichi Saoshiro; Editing by Eric Meijer and Sam Holmes
| ashraq/financial-news-articles | https://www.reuters.com/article/us-global-forex/euro-back-near-6-1-2-month-lows-amid-italian-election-concerns-idUSKCN1IU01P |
May 4, 2018 / 4:40 PM / in 4 hours Swedish Academy to reform after controversy postpones Nobel prize Reuters Staff 6 Min Read
STOCKHOLM (Reuters) - The Swedish Academy which decides the Nobel Prize for Literature said it would not make an award in 2018 and instead focus on internal reforms to restore its reputation in the wake of allegations of sexual harassment and information leaks. Journalists prepare themselves for the announcement of the 2017 Nobel Prize winner in Chemistry at the Royal Academy of Sciences in Stockholm, Sweden, October 4, 2017. TT News Agency/Claudio Bresciani via REUTERS/Files
The scandals have threatened to undermine the credibility of the award and attracted unprecedented scrutiny of the Academy, a highly secretive body whose choices of prize winner fascinate and often baffle literature lovers the world over.
Below are key elements of the controversy and its consequences. WHAT SPARKED THE CRISIS?
At heart of the row are allegations of sexual assault and harassment made by several women against Jean-Claude Arnault, a photographer and well-known cultural figure in Sweden who is married to poet and Academy member Katarina Frostenson.
He is also accused of leaking prize-winners’ names ahead of their official announcement, a major cultural event which is covered each year by the world’s media.
Arnault denies all the allegations against him, including that of being the source of leaks, his lawyer said.
State prosecutors are conducting a preliminary investigation of assault allegations against Arnault. Another such investigation, regarding alleged assaults dating between March 2013 and April 2015, was dropped last month due to a lack of evidence and because for some the statute of limitations had passed.
The allegations made by 18 women against Arnault were first published in Swedish newspaper Dagens Nyheter in November. The same paper also reported that the Academy had carried out an internal investigation alleging that Arnault had leaked the closely-guarded names of Nobel prize winners on seven different occasions.
The paper said these included Bob Dylan in 2016 as well as French author Jean-Marie Gustave Le Clezio in 2008 and British playwright Harold Pinter in 2005. Related Coverage
The Swedish Academy last month acknowledged that names had been leaked though it did not specify which laureates this concerned nor who was the source of the leaks. WHY DID THE CONTROVERSY CAUSE A RIFT IN THE ACADEMY?
After cutting ties with Arnault, the Academy held a vote on whether to exclude Frostenson from the body for allegedly breaching conflict of interest rules and divulging names of prize winners to her husband, who could then leak them.
The motion failed, with Frostenson allowed to stay, prompting three of the Academy’s 18 members to resign in protest. In the following weeks another three, including the Permanent Secretary of the Academy, Sara Danius and Frostenson herself, also withdrew.
Eight Academy members said in an open letter to a newspaper that they had voted against excluding Frostenson on the grounds that the evidence, some of it from anonymous sources, was insufficient.
Frostenson has so far not commented publicly on the vote and accusations against her. She did not respond to a request for comment on Friday. WHAT REFORMS ARE UNDERWAY?
Sweden’s king has stepped in to drive reforms of the Swedish Academy, established in 1786 by his forebear Gustav III and of which he is the formal patron. Swedish writer Katarina Frostenson accepts her Nordic Council Literature Prize in Copenhagen, Denmark, November 1, 2016. Frostenson was awarded for her collection of poems 'Sanger och formler' (lit.: Songs and formulas) Olafur Steinar Gestsson/Scanpix Denmark via REUTERS/Files
Appointments to the Academy have been for life and there has been no formal provision under the arcane rules for members to resign. That has meant those who withdrew could not be replaced.
This week, King Carl XVI Gustaf revised the Swedish Academy’s rules to allow members resign. The change also means that members who have not participated in the Academy’s work for two years will be considered to have resigned.
Other changes are likely in store. In connection with its decision to postpone the prize, the Swedish Academy said it had begun a wide-ranging project to alter the way it conducted its business while still seeking to respect its historic legacy.
Besides the right to resign, procedures for handling conflicts of interest and secret information would be strengthened while its external communication would also be modernised, it said in a statement.
“The active members of the Swedish Academy are of course fully aware that the present crisis of confidence places high demands on a long-term and robust work for change,” it said. WHAT ARE THE CONSEQUENCES?
The Academy took the rare decision to postpone the 2018 Nobel literature prize to next year, meaning it will award two prizes in 2019.
The prize has been postponed or cancelled only a handful of times, for instance during World War Two. The most recent postponement was the award to American novelist William Faulkner, who received his 1949 prize a year late, in 1950.
The biggest risk by far is to the reputation of the prize, which has come to be seen as one of the most important international honours in the field of literature.
The Nobel Foundation, which administers the estate of dynamite inventor Alfred Nobel, said the crisis at the Academy had “adversely affected” the Nobel Prize. Sweden's King Carl XVI Gustaf delivers a speech during a dinner hosted by Japan's Prime Minister Shinzo Abe (not in picture) at Akasaka Palace state guest house in Tokyo, Japan April 25, 2018. REUTERS/Issei Kato/Pool/Files
“Their decision underscores the seriousness of the situation and will help safeguard the long-term reputation of the Nobel Prize,” the Foundation said in statement. Reporting by Niklas Pollard, Simon Johnson and Johan Sennero; Editing by Raissa Kasolowsky | ashraq/financial-news-articles | https://in.reuters.com/article/nobel-prize/swedish-academy-to-reform-after-controversy-postpones-nobel-prize-idINKBN1I5219 |
LAS VEGAS, May 10, 2018 /PRNewswire/ -- CityCenter Holdings, LLC ("CityCenter"), a venture between MGM Resorts International (NYSE: MGM) and Infinity World Development Corp, today announced that it has closed its previously announced $200 million incremental term loan, the proceeds of which, together with cash on hand, were used to pay a dividend of $400 million to its members. This incremental term loan has the same terms as, and is fungible with, the existing term loan B facility under CityCenter's existing senior secured credit facility. CityCenter paid the dividend on May 10, 2018 following the closing of the transactions.
In addition, CityCenter announced that is has successfully repriced its term loan B facility to bear interest at LIBOR plus 2.25%, representing a 25 basis point decrease from the prior rate. All other material provisions of the existing credit facility remain unchanged.
"We are pleased that our incremental term loan offering was met with strong demand, which also enabled us to reprice the facility," Jim Murren, Chairman and Chief Executive Officer of MGM Resorts International and Chairman of CityCenter, "with the proceeds from this transaction, we are able to continue our goal of returning capital to our members."
About CityCenter
CityCenter, which is 50% owned by a wholly owned subsidiary of MGM Resorts International and 50% owned by Infinity World Development Corp (a wholly owned subsidiary of Dubai World), is a mixed-use development on the Las Vegas Strip located between the Bellagio and Park MGM resorts that includes ARIA Resort & Casino, a 4,004-room casino resort; Vdara Hotel and Spa, a 1,495-room luxury condominium-style hotel; and the Veer Towers, which contain 669 luxury condominium residences.
Statements in this release that are not historical facts are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and involve risks and/or uncertainties. Forward-looking statements are based on management's current expectations and assumptions and not on historical facts. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include market conditions for corporate debt generally, for the debt of gaming, hospitality and entertainment companies and for CityCenter's indebtedness in particular. In providing forward-looking statements, CityCenter is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise except as required by law.
View original content: http://www.prnewswire.com/news-releases/citycenter-announces-closing-of-incremental-term-loan-and-amendments-to-its-credit-facilities-300646341.html
SOURCE CityCenter Holdings, LLC | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/pr-newswire-citycenter-announces-closing-of-incremental-term-loan-and-amendments-to-its-credit-facilities.html |
May 29, 2018 / 8:25 PM / Updated 11 minutes ago Super-mom Serena ready to do it all Pritha Sarkar 4 Min Read
PARIS (Reuters) - Adjusting to the sleepless nights, the two-hourly night feeds, the demands of a crying baby and an aching body that has endured childbirth is something Serena Williams has in common with every mother around the world. Tennis - French Open - Roland Garros, Paris, France - May 29, 2018 Serena Williams of the U.S. celebrates winning her first round match against Czech Republic's Kristyna Pliskova REUTERS/Pascal Rossignol
But what every mother around the world does not have in common with Williams is trying to juggle all those demands while attempting to get back into tip-top shape in order to win Grand Slam titles.
Just eight months after she “almost died” giving birth to her daughter Alexis Olympia, the American was back to one of her favorite hunting grounds and swinging her racket at the French Open - albeit as a multi-tasking mother.
“My priority is Olympia. No matter what, that’s my priority,” Williams said after her 7-6(4) 6-4 first round win over Kristyna Pliskova.
“I have given tennis so much and tennis has actually given me a lot, and I couldn’t be more grateful.
“But she’s my priority, and I work everything around her. I want her to know that I put her first in my life. Tennis - French Open - Roland Garros, Paris, France - May 29, 2018 Serena Williams of the U.S. during her first round match against Czech Republic's Kristyna Pliskova REUTERS/Christian Hartmann
“I feel like everything else will fall into place. I feel like it’s all going to work out.”
Getting everything to work out is no easy feat for someone in Williams’ position and it is the reason why in the past 38 years Belgian Kim Clijsters is the only mother to win Grand Slam titles - three of her four majors - after a maternity break.
Over that same period a dozen fathers have triumphed at the slams, winning 24 titles between them.
But having been bedridden for six weeks after suffering a series of complications, including a pulmonary embolism that led to multiple surgeries, Williams is only too aware of what she had to overcome to get herself ready for Paris. Slideshow (2 Images) CORE CHALLENGE
So how much more difficult is it for a mother than a father to play top level tennis?
“Well, first and foremost, you have to get your core back, which is hard, because it literally spreads when you have a baby,” said the 36-year-old, who is bidding to win a 24th major trophy to draw level with Margaret Court’s all-time record.
“And just coming back from the physical (challenges) of having a baby, at my age is never really easy.
“Emotionally it’s different because I’m so emotionally attached to my daughter. Dads are too, but I actually breast fed for a really, really, really long time, and so I just had this real connection with my daughter. So there are definitely some differences.”
Despite her new responsibilities, Williams has not abandoned the disciplined lifestyle she had led before. She has simply redesigned it so that it fits in around her daughter’s routine.
“I’m really fortunate enough that I can plan my days and I can plan my career,” said Williams, who appeared to symbolize her life as a ‘Super-mom’ in the skin-tight, black catsuit she chose to wear for Tuesday’s match.
“So I plan my day, like, training is X of time. Then I spend all this time with Olympia. And then if I need to train again, I have X time in training because of her nap schedules.
“In the beginning it was difficult to learn her nap schedules... because I don’t want her to ever feel like I’m not around. I’m a super hands-on mom. Maybe too much.” Reporting by Pritha Sarkar; Editing by Ken Ferris | ashraq/financial-news-articles | https://www.reuters.com/article/us-tennis-frenchopen-serena-mum/super-mom-serena-ready-to-do-it-all-idUSKCN1IU2NU |
TEMPE, Ariz., May 02, 2018 (GLOBE NEWSWIRE) -- Insight Enterprises, Inc. (NASDAQ:NSIT) (the “Company”) today reported record results of operations for the quarter ended March 31, 2018.
Net sales increased 19% year over year to $1.76 billion Gross profit increased 15% year over year to $240.0 million Earnings from operations increased 119% year over year to $50.2 million
-- Adjusted earnings from operations increased 69% year over year Diluted earnings per share of $0.90 increased 137% year over year
-- Adjusted diluted earnings per share of $0.94 increased 68% year over year Cash flows provided by operations in the first quarter were $150.7 million compared to cash used in operations of $152.1 million in the first quarter of the prior year
In the first quarter of 2018, consolidated net sales increased 19% and consolidated gross profit increased 15% year over year, reflecting double digit growth in each of the Company’s operating segments. Overall, earnings from operations increased 119% year over year as a result of strong top line growth and the acceleration of certain partner incentives combined with effective cost control. Adjusted earnings from operations increased 69% year over year.
“I am pleased to report strong top and bottom line financial results across each of our geographic operating segments,” stated Ken Lamneck, President and Chief Executive Officer. “The first quarter demonstrated yet again that global demand for IT products and solutions remains healthy with opportunity for share gains and growth. We are executing well on the sales front and are focused on controlling costs and improving the scalability of our business for the future,” stated Lamneck.
KEY HIGHLIGHTS
Consolidated net sales for the first quarter of 2018 increased 19% compared to the first quarter of 2017 to $1.76 billion.
-- Net sales in North America increased 18% year over year to $1.3 billion;
-- Net sales in EMEA increased 21% year over year to $400.4 million; and
-- Net sales in APAC increased 52% year over year to $55.1 million.
Excluding the effects of fluctuating foreign currency exchange rates, consolidated net sales increased 16% year over year, with net sales growth in North America, EMEA and APAC of 17%, 7% and 47%, respectively, year over year.
Consolidated gross profit increased 15% compared to the first quarter of 2017 to $240.0 million, with consolidated gross margin contracting 50 basis points to 13.6% of net sales.
-- Gross profit in North America increased 11% year over year to $175.4 million (13.4% gross margin);
-- Gross profit in EMEA increased 31% year over year to $55.8 million (13.9% gross margin); and
-- Gross profit in APAC increased 20% year over year to $8.8 million (16.1% gross margin).
Excluding the effects of fluctuating foreign currency exchange rates, consolidated gross profit increased 12% year over year, with gross profit growth in North America, EMEA and APAC of 11%, 16% and 16%, respectively, year over year.
Consolidated earnings from operations increased 119% compared to the first quarter of 2017 to $50.2 million, or 2.8% of net sales.
-- Earnings from operations in North America increased 82% year over year to $42.3 million, or 3.2% of net sales;
-- Earnings from operations in EMEA increased year over year to $6.4 million, or 1.6% of net sales, in the first quarter of 2018, compared to a loss from operations of $1.1 million in the first quarter of 2017; and
-- Earnings from operations in APAC increased 74% year over year to $1.5 million, or 2.6% of net sales.
Excluding the effects of fluctuating foreign currency exchange rates, consolidated earnings from operations also increased 119% year over year, with earnings from operations growth in North America and APAC of 81% and 71%, respectively, year over year.
Adjusted consolidated earnings from operations increased 69% year over year to $51.8 million, or 2.9% of net sales for the first quarter of 2018.
Consolidated net earnings and diluted earnings per share for the first quarter of 2018 were $32.7 million and $0.90, respectively, at an effective tax rate of 26.0%.
Adjusted consolidated net earnings and Adjusted diluted earnings per share for the first quarter of 2018 were $34.1 million and $0.94, respectively.
As services have become a larger portion of the Company’s consolidated net sales, beginning with our results of operations for the year ended December 31, 2017, the Company began reporting net sales from the provision of services and the related costs of goods sold separately from net sales of products and the related costs of goods sold. The Company continued this presentation in the three months ended March 31, 2018, and expects to continue this presentation in future periods. For comparability purposes, net sales and costs of goods sold for the 2017 periods have been expanded to conform to the current year presentation. These changes in presentation had no effect on previously reported total net sales, total costs of goods sold or gross profit amounts.
In conjunction with these changes in presentation, because fees earned from activities reported net are now considered services revenues, the Company reclassified certain revenue streams for which the Company acts as the agent in the transaction to net sales from services. Previously, the Company included these net revenue streams within its software and, to a lesser extent, hardware sales mix categories based on the type of product being sold (e.g., fees earned for the sale of software maintenance and certain software licenses were included in software sales and fees earned for the sale of certain third-party provided training and warranty services were included in hardware sales when the Company historically disclosed and analyzed its sales mix). For comparability purposes, the Company’s sales mix among its hardware, software and services categories for the three months ended March 31, 2017, as presented in the Financial Summary Table in this press release, has been reclassified to conform to the current year presentation. These reclassifications had no effect on previously reported total net sales amounts.
In discussing financial results for the three months ended March 31, 2018 and 2017 in this press release, the Company refers to certain financial measures that are not prepared in accordance with United States generally accepted accounting principles (“GAAP”). When referring to non-GAAP measures, the Company refers to such measures as “Adjusted.” See “Use of Non-GAAP Financial Measures” for additional information. A tabular reconciliation of financial measures prepared in accordance with GAAP to the non-GAAP financial measures is included at the end of this press release.
In some instances the Company refers to changes in net sales, gross profit and earnings from operations on a consolidated basis and in North America, EMEA and APAC excluding the effects of fluctuating foreign currency exchange rates. In computing these changes and percentages, the Company compares the current year amount as translated into U.S. dollars under the applicable accounting standards to the prior year amount in local currency translated into U.S. dollars utilizing the weighted average translation rate for the current period.
The tax effect of Adjusted amounts referenced herein were computed using the statutory tax rate for the taxing jurisdictions in the operating segment in which the related expenses were recorded, adjusted for the effects of valuation allowances on net operating losses in certain jurisdictions.
GUIDANCE
For the full year 2018, the Company now expects to deliver sales growth in the mid- to high-single digit range compared to 2017. The Company also increased its expectations for Adjusted diluted earnings per share for the full year of 2018 to between $4.35 and $4.45.
This outlook assumes:
an effective tax rate of between 26% and 27% for the balance of 2018; capital expenditures of $15 to $20 million for the full year; and an average share count for the full year of approximately 36.0 million shares.
This outlook does not assume the completion of the Company’s currently authorized share repurchase program, assumes no current year acquisition-related expenses and excludes severance and restructuring expenses incurred during the first quarter of 2018 and those that may be incurred during the balance of 2018. Due to the inherent difficulty of forecasting these types of expenses, which impact net earnings and diluted earnings per share, the Company is unable to reasonably estimate the related impact of such expenses, if any, to net earnings and diluted earnings per share. Accordingly, the Company is unable to provide a reconciliation of GAAP to non-GAAP diluted earnings per share for the full year 2018 forecast.
CONFERENCE CALL AND WEBCAST
The Company will host a conference call and live web cast today at 5:00 p.m. ET to discuss first quarter 2018 results of operations. A live web cast of the conference call (in listen-only mode) will be available on the Company’s web site at HTTP://INVESTOR.INSIGHT.COM/ , and a replay of the web cast will be available on the Company’s web site for a limited time following the call. To listen to the live web cast by telephone, call 1-877-402-8904 if located in the U.S., 678-809-1029 for international callers, and enter the access code 8034719. NSIT-F
USE OF NON-GAAP FINANCIAL MEASURES
The non-GAAP financial measures (referred to as Adjusted consolidated earnings from operations, Adjusted consolidated net earnings and Adjusted diluted earnings per share) exclude (i) severance and restructuring expenses, (ii) certain acquisition-related expenses, and (iii) the tax effects of each of these items, as applicable. The Company excludes these items when internally evaluating earnings from operations, tax expense, net earnings and diluted earnings per share for the Company and earnings from operations for each of the Company’s operating segments. These non-GAAP measures are used to evaluate financial performance against budgeted amounts, to calculate incentive compensation, to assist in forecasting future performance and to compare the Company’s results to those of the Company’s competitors. The Company believes that these non-GAAP financial measures are useful to investors because they allow for greater transparency, facilitate comparisons to prior periods and the Company’s competitors’ results and assist in forecasting performance for future periods. These non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures presented by other companies. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.
FINANCIAL SUMMARY TABLE (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended March 31, 2018 2017 change Insight Enterprises, Inc. Net sales: Products $ 1,582,155 $ 1,321,969 20 % Services $ 180,748 $ 155,574 16 % Total net sales $ 1,762,903 $ 1,477,543 19 % Gross profit $ 240,005 $ 208,227 15 % Gross margin 13.6 % 14.1 % (50 bps) Selling and administrative expenses $ 188,180 $ 177,632 6 % Severance and restructuring expenses $ 1,644 $ 4,695 (65 %) Acquisition-related expenses $ - $ 2,947 * Earnings from operations $ 50,181 $ 22,953 119 % Net earnings $ 32,745 $ 13,848 136 % Diluted earnings per share $ 0.90 $ 0.38 137 % North America Net sales: Products $ 1,163,817 $ 984,847 18 % Services $ 143,581 $ 126,105 14 % Total net sales $ 1,307,398 $ 1,110,952 18 % Gross profit $ 175,371 $ 158,301 11 % Gross margin 13.4 % 14.2 % (80 bps) Selling and administrative expenses $ 132,640 $ 131,010 1 % Severance and restructuring expenses $ 443 $ 1,104 (60 %) Acquisition-related expenses $ - $ 2,947 * Earnings from operations $ 42,288 $ 23,240 82 % Sales Mix ** Hardware 67 % 64 % 23 % Software 22 % 25 % 6 % Services 11 % 11 % 14 % 100 % 100 % 18 % EMEA Net sales: Products $ 371,928 $ 308,195 21 % Services $ 28,487 $ 22,160 29 % Total net sales $ 400,415 $ 330,355 21 % Gross profit $ 55,792 $ 42,546 31 % Gross margin 13.9 % 12.9 % 100 bps Selling and administrative expenses $ 48,283 $ 40,143 20 % Severance and restructuring expenses $ 1,074 $ 3,530 (70 %) Earnings (loss) from operations $ 6,435 $ (1,127 ) * Sales Mix ** Hardware 47 % 42 % 35 % Software 46 % 51 % 9 % Services 7 % 7 % 29 % 100 % 100 % 21 % * Percentage change not considered meaningful. ** Change in sales mix represents growth/decline in category net sales on a U.S. dollar basis and does not exclude the effects of fluctuating foreign currency exchange rates.
FINANCIAL SUMMARY TABLE (CONTINUED) (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended December 31, 2018 2017 change APAC Net sales: Products $ 46,410 $ 28,927 60 % Services $ 8,680 $ 7,309 19 % Total net sales $ 55,090 $ 36,236 52 % Gross profit $ 8,842 $ 7,380 20 % Gross margin 16.1 % 20.4 % (430 bps) Selling and administrative expenses $ 7,257 $ 6,479 12 % Severance and restructuring expenses $ 127 $ 61 108 % Earnings from operations $ 1,458 $ 840 74 % Sales Mix ** Hardware 13 % 11 % 75 % Software 71 % 69 % 58 % Services 16 % 20 % 19 % 100 % 100 % 52 % ** Change in sales mix represents growth/decline in category net sales on a U.S. dollar basis and does not exclude the effects of fluctuating foreign currency exchange rates.
FORWARD-LOOKING INFORMATION
Certain statements in this release and the related conference call and web cast are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including the Company’s expected 2018 financial results, including sales growth rates and Adjusted diluted earnings per share for the full year 2018, and the assumptions relating thereto, including the Company’s anticipated sales growth compared to 2017 and its effective tax rate, capital expenditures and plans concerning repurchases under the Company’s currently authorized share repurchase program and its effect on the expected average share count for the full year 2018, and the Company’s expectations for the future presentation of services net sales, are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. There can be no assurances that the results discussed by the forward-looking statements will be achieved, and actual results may differ materially from those set forth in the forward-looking statements. Some of the important factors that could cause the Company’s actual results to differ materially from those projected in any forward-looking statements, include, but are not limited to, the following, which are discussed in “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 and in other of the Company’s subsequent filings with the Securities and Exchange Commission:
actions of the Company’s competitors, including manufacturers and publishers of products the Company sells; the Company’s reliance on partners for product availability, competitive products to sell and marketing funds and purchasing incentives, which can change significantly in the amounts made available and the requirements year over year; changes in the information technology (“IT”) industry and/or rapid changes in technology; risks associated with the integration and operation of acquired businesses; possible significant fluctuations in the Company’s future operating results; the risks associated with the Company’s international operations; general economic conditions; increased debt and interest expense and decreased availability of funds under the Company’s financing facilities; the security of the Company’s electronic and other confidential information; disruptions in the Company’s IT systems and voice and data networks; failure to comply with the terms and conditions of the Company’s commercial and public sector contracts; legal proceedings and client audits and failure to comply with laws and regulations; accounts receivable risks, including increased credit loss experience or extended payment terms with the Company’s clients; the Company’s reliance on independent shipping companies; the Company’s dependence on certain key personnel; natural disasters or other adverse occurrences; exposure to changes in, interpretations of, or enforcement trends related to tax rules and regulations; and intellectual property infringement claims and challenges to the Company’s registered trademarks and trade names.
Additionally, there may be other risks that are otherwise described from time to time in the reports that the Company files with the Securities and Exchange Commission. Any forward-looking statements in this release should be considered in light of various important factors, including the risks and uncertainties listed above, as well as others. The Company assumes no obligation to update, and, except as may be required by law, does not intend to update, any forward-looking statements. The Company does not endorse any projections regarding future performance that may be made by third parties.
CONTACTS: GLYNIS BRYAN HELEN JOHNSON CHIEF FINANCIAL OFFICER SENIOR VP, FINANCE Tel. 480.333.3390 Tel. 480.333.3234 EMAIL [email protected] EMAIL [email protected]
INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended
March 31, 2018 2017 Net sales: Products $ 1,582,155 $ 1,321,969 Services 180,748 155,574 Total net sales 1,762,903 1,477,543 Costs of goods sold: Products 1,438,734 1,201,057 Services 84,164 68,259 Total costs of goods sold 1,522,898 1,269,316 Gross profit 240,005 208,227 Operating expenses: Selling and administrative expenses 188,180 177,632 Severance and restructuring expenses 1,644 4,695 Acquisition-related expenses - 2,947 Earnings from operations 50,181 22,953 Non-operating (income) expense: Interest income (153 ) (431 ) Interest expense 6,015 3,933 Net foreign currency exchange (gain) loss (245 ) 380 Other expense, net 302 315 Earnings before income taxes 44,262 18,756 Income tax expense 11,517 4,908 Net earnings $ 32,745 $ 13,848 Net earnings per share: Basic $ 0.91 $ 0.39 Diluted $ 0.90 $ 0.38 Shares used in per share calculations: Basic 35,913 35,602 Diluted 36,263 36,185
INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS) (UNAUDITED) March 31, December 31, 2018 2017 ASSETS Current assets: Cash and cash equivalents $ 100,237 $ 105,831 Accounts receivable, net 1,751,321 1,814,560 Inventories 194,743 194,529 Inventories not available for sale 645 36,956 Other current assets 119,404 152,467 Total current assets 2,166,350 2,304,343 Property and equipment, net 75,579 75,252 Goodwill 131,403 131,431 Intangible assets, net 97,158 100,778 Deferred income taxes 16,019 17,064 Other assets 85,902 56,783 $ 2,572,411 $ 2,685,651 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable – trade $ 882,782 $ 899,075 Accounts payable – inventory financing facility 228,102 319,468 Accrued expenses and other current liabilities 175,147 175,860 Current portion of long-term debt 16,358 16,592 Deferred revenue 70,955 88,979 Total current liabilities 1,373,344 1,499,974 Long-term debt 245,569 296,576 Deferred income taxes 672 717 Other liabilities 72,225 44,915 1,691,810 1,842,182 Stockholders’ equity: Preferred stock - - Common stock 358 358 Additional paid-in capital 315,493 317,155 Retained earnings 584,423 550,220 Accumulated other comprehensive loss – foreign currency translation adjustments
(19,673
)
(24,264
) Total stockholders’ equity 880,601 843,469 $ 2,572,411 $ 2,685,651 INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED) Th ree Months Ended March 31, 2018 2017 Cash flows from operating activities: Net earnings $ 32,745 $ 13,848 Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: Depreciation and amortization of property and equipment 5,433 6,830 Amortization of intangible assets 3,611 4,223 Provision for losses on accounts receivable 346 921 Write-downs of inventories 629 392 Write-off of property and equipment 303 - Non-cash stock-based compensation 3,184 3,412 Deferred income taxes 979 (573 ) Changes in assets and liabilities: Decrease in accounts receivable 188,138 182,710 Decrease (increase) in inventories 4,444 (22,257 ) (Increase) decrease in other assets (28,517 ) 1,043 Decrease in accounts payable (97,104 ) (334,221 ) Increase in deferred revenue 16,177 9,808 Increase (decrease) in accrued expenses and other liabilities 20,377 (18,238 ) Net cash provided by (used in) operating activities 150,745 (152,102 ) Cash flows from investing activities: Purchases of property and equipment (5,044 ) (10,052 ) Acquisitions, net of cash and cash equivalents acquired - (180,859 ) Net cash used in investing activities (5,044 ) (190,911 ) Cash flows from financing activities: Borrowings on senior revolving credit facility 276,684 169,109 Repayments on senior revolving credit facility (392,184 ) (169,109 ) Borrowings on accounts receivable securitization financing facility 1,024,000 918,500 Repayments on accounts receivable securitization financing facility (955,000 ) (762,000 ) Borrowings under Term Loan A - 175,000 Repayments under Term Loan A (3,281 ) - Repayments under other financing agreements (1,234 ) (3,419 ) Payments on capital lease obligations (288 ) (128 ) Net repayments under inventory financing facility (91,366 ) (4,172 ) Payment of debt issuance costs - (1,123 ) Payment of payroll taxes on stock-based compensation through shares withheld (2,884 ) (4,526 ) Repurchases of common stock (7,679 ) - Net cash (used in) provided by financing activities (153,232 ) 318,132 Foreign currency exchange effect on cash, cash equivalents and restricted cash balances 1,937 5,820 Decrease in cash, cash equivalents and restricted cash (5,594 ) (19,061 ) Cash, cash equivalents and restricted cash at beginning of period 107,445 205,946 Cash, cash equivalents and restricted cash at end of period $ 101,851 $ 186,885
INSIGHT ENTERPRISES, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED) Three Months Ended
March 31, 2018 2017 Adjusted Consolidated Earnings from Operations: GAAP consolidated EFO $ 50,181 $ 22,953 Severance and restructuring expenses 1,644 4,695 Acquisition-related expenses - 2,947 Adjusted non-GAAP consolidated EFO $ 51,825 $ 30,595 Adjusted Consolidated Net Earnings: GAAP consolidated net earnings $ 32,745 $ 13,848 Severance and restructuring expenses 1,644 4,695 Acquisition-related expenses - 2,947 Income taxes on non-GAAP adjustments (291 ) (1,287 ) Adjusted non-GAAP consolidated net earnings $ 34,098 $ 20,203 Adjusted Consolidated Diluted EPS: GAAP consolidated diluted EPS $ 0.90 $ 0.38 Severance and restructuring expenses 0.05 0.13 Acquisition-related expenses - 0.08 Income taxes on non-GAAP adjustments (0.01 ) (0.03 ) Adjusted non-GAAP consolidated diluted EPS $ 0.94 $ 0.56 Adjusted North America Earnings from Operations: GAAP EFO from North America segment $ 42,288 $ 23,240 Severance and restructuring expenses 443 1,104 Acquisition-related expenses - 2,947 Adjusted non-GAAP EFO from North America segment $ 42,731 $ 27,291 Adjusted EMEA Earnings from Operations: GAAP EFO from EMEA segment $ 6,435 $ (1,127 ) Severance and restructuring expenses 1,074 3,530 Adjusted non-GAAP EFO from EMEA segment $ 7,509 $ 2,403 Adjusted APAC Earnings from Operations: GAAP EFO from APAC segment $ 1,458 $ 840 Severance and restructuring expenses 127 61 Adjusted non-GAAP EFO from APAC segment $ 1,585 $ 901
Source:Insight Enterprises | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/02/globe-newswire-insight-enterprises-inc-reports-record-first-quarter-2018-results-and-increases-full-year-2018-guidance.html |
CHICAGO, May 24 (Reuters) - Increased trade tensions pose a risk for some U.S. states and cities where manufacturing, shipping and agriculture are highly dependent on international trade, Moody’s Investors Service said on Thursday.
Concerns over the possibility of widespread trade wars have heightened due to the United States’ withdrawal from the Trans-Pacific Partnership, its recent imposition of tariffs on imported steel, aluminum and other goods, and the ongoing renegotiation of the North American Free Trade Agreement with Canada and Mexico.
As a result, credit rating agencies have been examining the potential impact on issuers of debt in the $3.8 trillion U.S. municipal bond market.
“Trade measures and their effects on companies, consumer prices and regional economies would impact state and local government income tax revenues, sales tax revenues and property tax revenues, and over the long term social spending and taxing capacity,” Moody’s said in a report.
Michigan, Kentucky and Louisiana, which rely on trade with China, Canada and Mexico, have the greatest exposure, according to the credit rating agency.
Agriculture economies in North Dakota, South Dakota, Illinois and Iowa could also be hurt if trade tensions escalate with China. States with big trading volumes like California, Texas and New York, benefit from big and diverse economies that diminish their vulnerability to trade wars. On the local level, manufacturing hubs such as Detroit, Greenville, South Carolina; and Peoria, Illinois, and cities with big port operations like Laredo, Texas; Longview, Washington, and New Orleans have exposure to significant trade changes.
Moody’s said states and cities with hefty reserves and the ability to raise revenue and cut spending would be in a better position to deal with severe trade disruptions.
Reporting by Karen Pierog in Chicago Editing by Matthew Lewis
| ashraq/financial-news-articles | https://www.reuters.com/article/usa-trade-moodys/some-u-s-states-cities-face-risks-from-trade-wars-moodys-idUSL2N1SV297 |
Unemployment rates are low. Employers' standards remain high. The next time you're interviewing for a job, expect to take an assignment home with you. Here's how to deal with it. | ashraq/financial-news-articles | https://www.cnbc.com/2018/05/24/if-youre-hunting-for-a-job-expect-to-do-this-for-free.html |
May 3 (Reuters) - Capstone Turbine Corp:
* CAPSTONE TURBINE REPORTS EXPECTED NEAR POSITIVE ADJUSTED EBITDA; REITERATES PRELIMINARY FINANCIAL RESULTS FOR FISCAL 2018 Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-capstone-turbine-reports-expected/brief-capstone-turbine-reports-expected-near-positive-adjusted-ebitda-idUSFWN1SA0TK |
LONDON—When Prince Harry marries American actress Meghan Markle in a pomp-filled ceremony on Saturday, it will mark a giant step in the modernization of the British monarchy, as its younger members increasingly take center stage and recast the family as a less tradition-bound clan.
The grandson of Queen Elizabeth II and Ms. Markle have planned a wedding outside Windsor Castle that seeks to include members of the public. But the glare of media attention around the nuptials underscores continued tension between the royal family... RELATED VIDEO Prince Harry Accuses Media of Harassing Girlfriend Meghan Markle Prince Harry has accused the media of racially abusing and harassing his girlfriend, Meghan Markle. His office issued an unusual statement on Tuesday, confirming his relationship with the American actress and expressing concern for her safety. Photo: AP/Getty Images. To Read the Full Story Subscribe Sign In | ashraq/financial-news-articles | https://www.wsj.com/articles/prince-harry-and-meghan-markles-royal-wedding-isnt-just-a-modern-love-story-it-marks-a-more-modern-monarchy-1526500955 |
May 27, 2018 / 2:01 PM / Updated 30 minutes ago U.S. officials in North Korea for summit prep - Washington Post Reuters Staff 1 Min Read
WASHINGTON (Reuters) - A group of U.S. officials crossed into North Korea on Sunday for talks on preparations for a summit between President Donald Trump and North Korean leader Kim Jong Un, The Washington Post reported. FILE PHOTO: A combination photo shows U.S. President Donald Trump and North Korean leader Kim Jong Un (R) in Washignton, DC, U.S. May 17, 2018 and in Panmunjom, South Korea, April 27, 2018 respectively. REUTERS/Kevin Lamarque and Korea Summit Press Pool/File Photos
The newspaper, citing a person familiar with the arrangements, said former U.S. Ambassador to South Korea Sung Kim was summoned from his current post in the Philippines to lead the preparations. Reporting by Doina Chiacu; Editing by Frances Kerry | ashraq/financial-news-articles | https://uk.reuters.com/article/uk-northkorea-missiles-talks/u-s-officials-in-north-korea-for-summit-prep-washington-post-idUKKCN1IS0H6 |
Tax code driving business spending 1 Hour Ago 01:40 01:40 | 11:30 AM ET Thu, 26 April 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/03/tax-code-driving-business-spending.html |
WASHINGTON, April 30 (Reuters) - Two Democratic lawmakers asked Environmental Protection Agency chief Scott Pruitt on Monday for documents related to proposed changes to vehicle fuel emission standards and California's authority to set its own measures, and accused him of misleading Congress of the agency's plans.
U.S. Representatives Doris Matsui of California and Paul Tonko of New York sent the letter after reports on Friday that the EPA and National Highway Transportation Safety Administration had prepared a proposal that would likely freeze fuel economy standards from 2020 through 2026 and assert that a 1975 federal law pre-empts states from imposing their own emissions rules.
Matsui said the reports, which came a day after Pruitt testified about ethics and travel concerns before two House committees, contradicted his response to her question about whether the EPA would revoke California's Clean Air Act waiver that enables it to set more stringent fuel economy standards. He said: "Not at present."
"If true, these reports directly contradict your testimony last week. As you were reminded at the start of that hearing, it is a violation of the law to knowingly make false statements to a Congressional committee," the letter said.
The lawmakers requested all emails related to the development of the proposal, drafts, a list of staff that participated in the proposal and a list of all meetings held with industry and stakeholders about it.
They also asked for data used by the EPA earlier this month when it determined earlier proposed standards were too stringent.
"The Agency is continuing to work with NHTSA to develop a joint proposed rule and is looking forward to the interagency process," EPA spokeswoman Liz Bowman said.
Bowman said the proposal had not yet been sent to the White House Office of Management and Budget for review. An administration source familiar with the proposal said it would be sent to the OMB by the end of the week.
Other California lawmakers raised concerns about reports that the EPA could undermine California's waiver.
Like many Californians from across the political spectrum, I support our states long-standing waiver and I have shared my views with Administrator Pruitt on many occasions," said Republican Representative Ken Calvert, who said he would "facilitate" a discussion between the EPA and California officials in the coming days and weeks.
California Attorney General Xavier Becerra said his office was monitoring the EPA's plans.
"I'm ready to take any and all action necessary to defend our progress," the Democratic official said.
(Reporting by Valerie Volcovici; Additional reporting by David Shepardson; Editing by Peter Cooney) | ashraq/financial-news-articles | https://www.cnbc.com/2018/04/30/reuters-america-u-s-lawmakers-seek-details-from-epa-chief-on-fuel-economy-rule-changes.html |
BUENOS AIRES, Argentina, May 11, 2018 /PRNewswire/ -- Pampa Energía S.A. (NYSE: PAM; Buenos Aires Stock Exchange: PAMP), the largest independent energy integrated company in Argentina, with active participation in the country's electricity and gas value chain, announces the results for the quarter ended on March 31, 2018. All figures are stated in Argentine Pesos and have been prepared in accordance with International Financial Reporting Standards.
Main Results for the First Quarter 2018 ('Q1 18') 1
In order to objectively report the financial performance of each business segment, as from 2018 and for the comparative periods the corporate expenses (selling and administrative expenses, as well as the financial results), which used to be reported under holding and others, will be redistributed among the operating segments.
Consolidated net revenues of AR$19,401 million 2 , 74% higher than the AR$11,140 million for the first quarter 2017 ('Q1 17'), explained by increases of 109% in power generation, 105% in electricity distribution, 31% in oil and gas, 5% in petrochemicals and 102% in holding and others segment, partially offset by 37% of higher eliminations as a result of intersegment sales %.
Power Generation of 4,289 GWh from 11 power plants Electricity sales of 5,550 GWh to 3 million end-users Production of 45.9 thousand barrels per day of hydrocarbons Sales of 87 thousand tons of petrochemical products
Consolidated adjusted EBITDA 3 for continuing operations of AR$7,704 million , compared to AR$3,071 million for Q1 17, mainly due to increases of AR$1,303 million in power generation, AR$2,149 million in electricity distribution, AR$474 million in oil and gas, AR$55 million in refining and distribution, AR$35 million in petrochemicals and AR$637 million in holding and others segment, partially offset by higher intersegment eliminations of AR$21 million.
Consolidated profit attributable to the owners of the Company of AR$3,013 million , higher than the AR$1,901 million gain in Q1 17, explained by increases of AR$510 million in electricity distribution, AR$609 million in oil and gas, AR$131 million in refining and distribution, and AR$870 million in holding and others, partially offset by lower gains of AR$757 million in power generation, and higher losses of AR$99 million in petrochemicals and AR$152 million in intersegment eliminations.
Consolidated Balance Sheet
(As of March 31, 2018 and December 31, 2017, in millions of Argentine Pesos)
As of 3.31.18
As of 12.31.17
ASSETS
Participation in joint businesses and associates
6,313
5,754
Property, plant and equipment
42,443
41,214
Intangible assets
1,577
1,586
Other assets
15
2
Financial assets at fair value with changing results
150
150
Deferred tax credits
1,510
1,306
Trade receivable and other credits
6,926
5,042
Total non-current assets
58,934
55,054
Inventories
3,350
2,326
Financial assets at fair value with changing results
15,834
14,613
Investments at amortized cost
415
25
Financial derivatives
11
4
Trade receivable and other credits
23,855
19,145
Cash and cash equivalents
1,255
799
Total current assets
44,720
36,912
Assets classified as held for sale
13,208
12,501
Total assets
116,862
104,467
As of 3.31.18
As of 12.31.17
EQUITY
Share capital
2,078
2,080
Share premium
5,821
5,818
Repurchased shares
5
3
Cost of repurchased shares
(219)
(72)
Statutory reserve
300
300
Voluntary reserve
5,146
5,146
Other reserves
137
140
Retained earnings
6,219
3,243
Other comprehensive result
460
252
Equity attributable to
owners of the parent
19,947
16,910
Non-controlling interests
4,198
3,202
Total equity
24,145
20,112
LIABILITIES
Accounts payable and other liabilities
6,867
6,404
Borrowings
39,868
37,126
Deferred revenues
196
195
Salaries and social security payable
127
120
Defined benefit plan obligations
1,041
992
Deferred tax liabilities
1,762
1,526
Income tax and minimum expected profit tax liability
1,650
863
Tax payable
944
366
Provisions
4,068
4,435
Total non-current liabilities
56,523
52,027
Accounts payable and other liabilities
19,798
18,052
Borrowings
5,826
5,840
Deferred income
3
3
Salaries and social security payable
1,665
2,154
Defined benefit plan obligations
95
121
Income tax and minimum expected profit tax liability
658
943
Tax payable
5,034
1,965
Financial derivatives
-
82
Provisions
584
798
Total current liabilities
33,663
29,958
Liabilities associated to assets classified as held for sale
2,531
2,370
Total liabilities
92,717
84,355
Total liabilities and equity
116,862
104,467
Consolidated Income Statement
(For the quarter ended on March 31, 2018 and 2017, in millions of Argentine Pesos)
First Quarter
2018
2017
Sales revenue
19,401
11,140
Cost of sales
(11,655)
(7,408)
Gross profit
7,746
3,732
Selling expenses
(967)
(712)
Administrative expenses
(1,282)
(1,054)
Exploration expenses
(2)
(8)
Other operating income
3,490
1,241
Other operating expenses
(2,614)
(880)
Results for participation in joint businesses and associates
559
294
Operating income
6,930
2,613
Financial income
428
314
Financial costs
(1,435)
(1,267)
Other financial results
(2,026)
618
Financial results, net
(3,033)
(335)
Profit before tax
3,897
2,278
Income tax
(575)
(277)
Net income for continuing operations
3,322
2,001
Net income from discontinued operations
531
294
Net income for the period
3,853
2,295
Attributable to:
Owners of the Company
3,013
1,901
Continuing operations
2,544
1,651
Discontinued operations
469
250
Non-controlling interests
840
394
Net income per share for the period attributable to the owners of the Company
1.4500
0.9809
Basic and diluted income per share of continuing operations
1.2243
0.8292
Basic and diluted income per share of discontinued operations
0.2257
0.1517
For the full version of the Earnings Report, please visit Pampa's Investor Relations website: www.pampaenergia.com/ir .
Information about the Conference Call
There will be a conference call to discuss Pampa's first quarter 2018 results on Tuesday May 15, 2018 at 10:00 a.m. Eastern Standard Time / 11:00 a.m. Buenos Aires Time.
The host will be Lida Wang, Investor Relations Manager at Pampa. For those interested in participating, please dial 0-800-444-2930 in Argentina, +1 (844) 854-4411 in the United States or +1 (412) 317-5481 from any other country. Participants of the conference call should use the identification password Pampa Energía and dial in five minutes before the scheduled time. Please download the Q1 18 Conference Call Presentation from our IR website.
There will also be a live audio webcast and presentation of the conference at www.pampaenergia.com/ir .
You may find additional information on the Company at:
www.pampaenergia.com/ir www.cnv.gob.ar www.sec.gov
For further information, contact:
Gustavo Mariani
Executive Vice-president
Ricardo Torres
Executive Vice-president
Mariano Batistella
Executive Director of Planning, Strategy & Affiliates
Lida Wang
Investor Relations Officer
The Pampa Energía Building, Maipú 1 (C1084ABA) Ciudad de Buenos Aires, Argentina
Tel: +54 (11) 4344-6000
[email protected]
www.pampaenergia.com/ir
1 The financial information presented in this document for the quarters Q1 18 and Q1 17 are based on financial statements ('FS') prepared according to the International Financial Reporting Standards ('IFRS') in force in Argentina, and consequently, the FS discriminates the continuing operations from the assets agreed for sale, which are reported as discontinued operations.
2 Under the IFRS, Greenwind, OldelVal, Refinor, Transener and TGS are not consolidated in Pampa's FS, its equity income being shown as 'Results for participation in associates/joint businesses'. For more information, see section 3 of this Earnings Release.
3 Consolidated adjusted EBITDA represents the results before net financial results, income tax and minimum notional income tax, depreciations and amortizations, non-recurring and non-cash income and expense, equity income and includes adjustments from the IFRS implementation and affiliates' EBITDA at ownership. For more information, see section 3 of this Earnings Release.
View original content: http://www.prnewswire.com/news-releases/pampa-energia-sa-announces-results-for-the-quarter-ended-on-march-31-2018-300647298.html
SOURCE Pampa Energia S.A. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/11/pr-newswire-pampa-energaa-s-a-announces-results-for-the-quarter-ended-on-march-31-2018.html |
NEEDHAM, Mass., May 8, 2018 /PRNewswire/ -- TripAdvisor, Inc. (NASDAQ: TRIP) issued its first quarter 2018 earnings press release and management's prepared remarks, which are available now at http://ir.tripadvisor.com/events-and-presentations . These documents are also available on the SEC website at http://www.sec.gov . As announced previously, the company will host a conference call tomorrow, Wednesday, May 9, 2018 at 8:30 a.m. Eastern Time (ET) to discuss the results. The live audiocast and replay will be available to the public at http://ir.tripadvisor.com/events-and-presentations . Replays of the conference call and the webcast will be accessible at http://ir.tripadvisor.com/events-and-presentations for at least twelve months following the conference call.
About TripAdvisor
TripAdvisor, the world's largest travel site*, enables travelers to unleash the full potential of every trip. With over 630 million reviews and opinions covering the world's largest selection of travel listings worldwide – covering approximately 7.5 million accommodations, airlines, attractions, and restaurants -- TripAdvisor provides travelers with the wisdom of the crowds to help them decide where to stay, how to fly, what to do and where to eat. TripAdvisor also compares prices from more than 200 hotel booking sites so travelers can find the lowest price on the hotel that's right for them. TripAdvisor-branded sites are available in 49 markets, and are home to the world's largest travel community of 455 million average monthly unique visitors**, all looking to get the most out of every trip. TripAdvisor: Know better. Book better. Go better.
The subsidiaries and affiliates of TripAdvisor, Inc. (NASDAQ: TRIP) own and operate a portfolio of websites under 20 other travel media brands:
www.airfarewatchdog.com , www.bookingbuddy.com , www.citymaps.com , www.cruisecritic.com ,
www.familyvacationcritic.com , www.flipkey.com , www.thefork.com (including www.lafourchette.com , www.eltenedor.com , www.iens.nl and www.dimmi.com.au ), www.gateguru.com ,
www.holidaylettings.co.uk , www.holidaywatchdog.com , www.housetrip.com , www.jetsetter.com ,
www.niumba.com , www.onetime.com , www.oyster.com , www.seatguru.com , www.smartertravel.com ,
www.tingo.com , www.vacationhomerentals.com and www.viator.com .
* Source: comScore Media Metrix for TripAdvisor Sites, worldwide, November 2017
** Source: TripAdvisor log files, average monthly unique visitors, Q3 2017
TRIP-G
View original content with multimedia: http://www.prnewswire.com/news-releases/tripadvisor-inc-earnings-press-release-available-on-companys-investor-relations-site-300644888.html
SOURCE TripAdvisor | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/08/pr-newswire-tripadvisor-inc-earnings-press-release-available-on-companys-investor-relations-site.html |
LAS VEGAS, May 15, 2018 /PRNewswire/ -- To spearhead UAG's new growth initiative, United Aqua Group has hired pool industry veteran Craig Goodson to fill the role of VP of Sales & Business Development. Goodson will implement UAG's aggressive growth strategy. His decades of experience and industry acumen will provide valuable insight and market strength for UAG's expansion plans.
"We've known Craig for years and are very excited to have him join us at UAG," said Pat Walls, CEO of United Aqua Group. "He will serve as a critical member of our team and play a key role in our long-term vision."
Goodson arrives with nearly twenty years of sales experience. Since 2006, he has been directing sales for Zodiac Pool Systems, Inc. He was responsible for the company's largest distributors, as well as all U.S.-based and international buying groups. Before Zodiac, Goodson managed territory sales at Jandy Pool Products. Throughout his career, he has regularly exceeded quotas even during economic downturns.
Goodson is looking forward to helping accelerate UAG's already rapid growth. "It's exciting to join a company that wants to challenge the status quo and grow," Goodson said. "UAG is positioning itself for the future and I am excited I get to help steer the vision."
"We are delighted Goodson joined our team. He understands our vision and our desire to disrupt the industry and acquire new market share both here in the U.S. and internationally," said Don Gwiz, UAG's Chairman of the Board.
Goodson will assume the VP of Sales & Business Development position on May 21st.
About United Aqua Group
United Aqua Group is one of the nation's largest organizations dedicated to the professional pool construction, service and retail industry. The group is member-owned and comprised of individually-operated business owners that have been selectively qualified and are committed to upholding the highest standards of integrity, quality and service in the industry. United Aqua Group manages and operates Aquatech, Aqua Commercial, and AquaValue, Aqua Supply, which remain the trusted brands for residential and commercial pool design and construction and retail pool products. Headquartered in Las Vegas, United Aqua Group has more than 270 members in 46 states across the country and Canada and is widely recognized as the most prestigious and trusted organization in the industry. For more information, please visit http://www.unitedaquagroup.com .
United Aqua Group, Aquatech, Aqua Commercial, Aqua Supply and AquaValue are trademarks of Aquatech Corporation in the United States.
View original content with multimedia: http://www.prnewswire.com/news-releases/zodiacs-craig-goodson-joins-uag-300648701.html
SOURCE United Aqua Group | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/15/pr-newswire-zodiacs-craig-goodson-joins-uag.html |
WILMINGTON, Del, May 8 (Reuters) - An affiliate of Lantern Capital received approval from a U.S. bankruptcy judge on Tuesday to buy the assets of the Weinstein Co, but the price may leave little for those who alleged sexual harassment by founder Harvey Weinstein.
Lantern Entertainment was the only bidder for the company, which filed for bankruptcy after more than 70 women came forward accusing Weinstein of sexual misconduct, including rape.
He has denied having non-consensual sex with anyone.
The Weinstein Co described Lantern’s bid as $310 million in cash, with assumption of $127.2 million of secured debt.
An attorney for the official creditors committee said the actual purchase price, after adjustments, was going to be closer to $260 million.
“That doesn’t leave enough money for the all the creditors,” Debra Grassgreen, a Pachulski Stang Ziehl & Jones attorney who represents the creditors committee, said at Tuesday’s hearing. She said the best hope for money for harassment plaintiffs may come from litigation, rather than the sale.
Lawyers for the Weinstein Co will begin the process of determining how to divide the funds raised from the sale of the assets, which includes films such as “Silver Linings Playbook” and the “Project Runway” television franchise.
Secured creditors get paid before general unsecured creditors, which includes claims for harassment. The company said it had about $345 million in secured debt when it filed for bankruptcy, includes the debt Lantern is assuming.
Gloria Allred, who represents harassment plaintiffs, told Reuters on Sunday she doubted the bankruptcy process would leave enough money to pay all harassment claims.
She said had supported a deal led by former Obama administration official Maria Contreras-Sweet, who planned to compensate victims even if their claims were outside the statute of limitations.
That deal collapsed in February after New York’s Attorney General Eric Schneiderman sued the company, making the bankruptcy inevitable. Schneiderman, who announced a surprise resignation on Monday, had said he wanted to ensure harassment plaintiffs would be compensated and employees of the company protected.
Schneiderman’s resignation followed allegations of physical abuse by four women reported in the New Yorker magazine. Schneiderman said he contested the allegations.
Pamela Foohey, a professor at the Mauer School of Law, said compensation for harassment plaintiffs is important, partly because it signals the seriousness of their experience but it was also important they get a chance to tell their story in court. (Reporting by Tom Hals in Wilmington, Delaware; additional reporting by Lisa Richwine in Los Angeles and Jessica DiNapoli in New York; Editing by Cynthia Osterman)
| ashraq/financial-news-articles | https://www.reuters.com/article/weinsteinco-ma-lanterncapital/weinstein-co-sale-approved-funds-for-abuse-claims-unclear-idUSL1N1SF1MF |
* Dollar steady, after initial drop on jobs data * Index holds below 2018 high reached on Wednesday (Updates prices, market activity and comments to U.S. market open, new byline, changes dateline, previous LONDON) By Karen Brettell NEW YORK, May 4 (Reuters) - The U.S. dollar was steady against a basket of currencies on Friday, after briefly dropping on disappointing U.S. employment data for April. The U.S. economy added fewer jobs than expected and the unemployment rate dropped to near a 17-1/2-year low of 3.9 percent as some jobless Americans left the labor force. Average hourly earnings rose 4 cents, or 0.1 percent, last month after gaining 0.2 percent in March. That left the annual increase in average hourly earnings at 2.6 percent. “The U.S. report seems pretty soft in tone on a headline basis and in the details as well,” said Erik Nelson, a currency strategist at Wells Fargo in New York. “It’s a little surprising to see the dollar remain so resilient.” Against a basket of its peers, the dollar was up 0.13 percent on the day at 92.535, little changed from where it traded before the data. It initially dropped to 92.354 on the news. The dollar index reached a 2018 high of 92.834 on Wednesday as investors bet that the Federal Reserve will continue raising rates while other central banks including the European Central Bank (ECB) will act more slowly. "The story in the last few days has been the disappointment over the ECB and the UK to start raising interest rates in the wake of the Fed and unless we see data picking up meaningfully, the dollar will outperform in the coming weeks," said Gavin Friend, senior markets strategist at NAB in London. The sharp rise in the dollar in recent weeks - it broke above a 200-day moving average this week for the first time in a year - took hedge funds and other investors by surprise. They had built up record short bets on the dollar and were forced to cover some of those positions, lifting the greenback even more. Wells Fargo’s Nelson sees further upside in the greenback as likely limited, however, saying that pessimism over other economies may be overdone. “Everyone’s gotten really pessimistic about the euro zone economies and I think that’s maybe reaching a breaking point,” Nelson said. “I think the economies are strong enough in those countries to keep central banks on track to keep normalizing monetary policy.” | ashraq/financial-news-articles | https://www.reuters.com/article/global-forex/forex-dollar-steady-after-jobs-data-disappoints-idUSL1N1SB0MD |
May 9 (Reuters) - R C M Technologies Inc:
* RCM TECHNOLOGIES, INC. ANNOUNCES 91% GROWTH IN NET INCOME FOR FIRST QUARTER 2018
* Q1 EARNINGS PER SHARE $0.09 * Q1 REVENUE ROSE 9.6 PERCENT TO $50.8 MILLION Source text for Eikon: Further company coverage:
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-rcm-technologies-q1-earnings-per-s/brief-rcm-technologies-q1-earnings-per-share-0-09-idUSASC0A145 |
BEIJING (Reuters) - China’s customs confirmed that Beijing has ramped up inspections of U.S. pork and waste imports, as Reuters reported last week.
China’s customs said that it has increased inspections of U.S. Pork imports after finding problems recently, according to a fax it sent to Reuters.
China’s customs has also taken “regulatory steps on high risk waste imports” since May 4th, it said in the fax.
The U.S. has become the largest exporter of waste that failed checks, the customs said, but the steps are not targeting particular countries and are in line with international practice, the fax said.
China’s customs has not taken extra steps to check imports of U.S. agricultural products, and gives equal treatment to inspection of agricultural products from all countries and districts, it said.
Reporting by Hallie Gu and Josephine Mason; editing by Jason Neely
| ashraq/financial-news-articles | https://www.reuters.com/article/us-usa-trade-china-agriculture/chinas-customs-says-has-increased-inspections-of-u-s-pork-and-waste-imports-idUSKCN1IF1D6 |
May 16 (Reuters) -
* MICROSOFT CORP IS PLANNING TO RELEASE A LINE OF LOWER-COST SURFACE TABLETS AS SOON AS THE SECOND HALF OF 2018 - BLOOMBERG, CITING SOURCES
* MICROSOFT'S NEW TABLETS WILL FEATURE 10-INCH SCREENS, AROUND THE SAME SIZE AS A STANDARD IPAD - BLOOMBERG Source text : bloom.bg/2rN1Rfx
| ashraq/financial-news-articles | https://www.reuters.com/article/brief-microsoft-corp-is-planning-to-rele/brief-microsoft-corp-is-planning-to-release-a-line-of-lower-cost-surface-tablets-bloomberg-idUSFWN1SN0MC |
STOCKHOLM, May 17 (Reuters) - The number of housing starts in Sweden fell 13 percent to 14,450 in the first quarter of the year compared to the same period in 2017, the Statistics Office (SCB) said on Thursday.
It was the first time that housing starts fell in the first quarter since 2012, the Statistics Office said.
A shortage of housing and soaring prices have sparked a construction boom in the last couple of years, but the market has stuttered in recent months and analysts expect housing starts to decline sharply, weighing on economic growth in the quarters ahead.
Reporting by Stockholm Newsroom; editing by Niklas Pollard
| ashraq/financial-news-articles | https://www.reuters.com/article/sweden-housingstarts/swedish-housing-starts-fall-13-pct-yr-yr-in-q1-idUSS3N1R8002 |
DUBAI (Reuters) - Savola Group 2050.SE, Saudi Arabia’s largest food products company, swung to a first-quarter loss, hit by lower sales within food and retail and a higher share of a loss from an associate, it said on Wednesday.
The company reported a net loss of 84.3 million riyals ($22.5 million) in the three months to the end of March 31, compared with a net profit of 4.8 million riyals in the same period a year earlier, Savola said in a statement.
Analysts at EFG Hermes had forecast the company would make a net profit of 41.1 million riyals, while Al Rajhi Capital expected a net profit of 78.0 million riyals.
Savola attributed the loss due to lower sales within food and retail, the higher share of losses from an associate and higher net finance costs. It also said its first quarter 2017 results were boosted by a non-recurring gain from discontinued operations.
Savola, like many other retailers in Saudi Arabia, has struggled in the past few years as consumer spending has been sluggish because of a government austerity drive.
The company is one of the few listed Gulf companies with operations in Iran. It has an edible oil business in Iran, which had revenues of 2.59 billion riyals last year, as well as smaller food and confectionery operations.
The United States has decided to withdraw from the Iran nuclear deal, leading to new U.S. sanctions on Tehran and pressure on the free market rate of the Iranian rial.
Reporting By Tom Arnold. Editing by Jane Merriman
| ashraq/financial-news-articles | https://www.reuters.com/article/us-savola-results/saudi-arabias-savola-group-swings-to-first-quarter-loss-idUSKBN1IA24M |
Buffett: I like Apple and we've bought it to hold 3 Hours Ago | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/07/buffett-i-like-apple-and-weve-bought-it-to-hold.html |
Brink’s Co. has agreed to buy rival Dunbar Armored Inc. for about $520 million in cash, a move that furthers consolidates the cash-management business in the U.S.
Brink’s said Thursday the deal will expand its customer base with Dunbar’s “complementary focus on small- to medium-size retailers and financial institutions.” Brink’s said Dunbar is the fourth-largest cash-management firm in the U.S.
Dunbar... | ashraq/financial-news-articles | https://www.wsj.com/articles/brinks-to-buy-cash-management-firm-dunbar-for-520-million-1527766018 |
JAKARTA, May 11 (Reuters) - Indonesia’s central bank governor said on Friday the current level of the rupiah exchange rate does not reflect fundamentals and reiterated that Bank Indonesia (BI) has ample room to adjust its benchmark policy rate to support the currency.
The rupiah strengthened on Friday to 14,045 per dollar after hitting its weakest since December 2015 earlier in the week, as investors responded to a BI statement saying the central bank was preparing to adjust the key rate.
“BI has ample room to adjust its policy rate. This policy response will be executed consistently and pre-emptively to ensure the sustainability of stability,” Governor Agus Martowardojo reiterated in a news release on Friday. (Reporting by Gayatri Suroyo Editing by Jacqueline Wong)
| ashraq/financial-news-articles | https://www.reuters.com/article/indonesia-markets-rupiah/indonesia-c-bank-says-rupiahs-level-is-not-reflecting-fundamentals-idUSJ9N1SB001 |
May 23, 2018 / 12:12 PM / Updated 12 minutes ago Sri Lankan rupee edges up on late exporter conversions Reuters Staff 3 Min Read
COLOMBO, May 23 (Reuters) - The Sri Lankan rupee ended marginally firmer on Wednesday on late exporter dollar conversions, but traders expect the currency to be under pressure from a possible slump in the country’s top agriculture export, tea, due to heavy rains.
The spot rupee ended at 157.90/158 per dollar, compared with Tuesday’s close of 158.00/10.
“The trading was dull amid heavy rains across the country. We saw some late exporter conversions,” a currency dealer said.
Dealers said the rupee could come under pressure with low supply of dollars as tea exporters would stay away due to rains.
Heavy monsoon rains have killed ten people, prompting authorities to warn against landslides and floods in low-lying areas after spill gates had to be opened across the Indian Ocean island.
The rupee hit a record low of 158.50 per dollar on May 16 after the central bank chief said on May 11 that the currency would depreciate gradually as dollar outflows surpass inflows.
The currency has declined 0.1 percent so far this month after a 1.5 percent fall in April. It has fallen 2.8 percent this year.
The pressure on the currency is unwarranted as the gross external reserves are at $9.1 billion and the real effective exchange rate indexes indicate that the currency is competitive, the central bank said last week.
The central bank is “studying carefully” if there was extra pressure on the currency than what was expected, and also the behaviour of market participants, central bank chief Indrajit Coomarswamy had said on May 11.
Dealers said they expect the rupee to gradually weaken and face higher volatility this year due to debt repayments by the government.
Senior central bank Deputy Governor Nandalal Weerasinghe had said earlier this month that debt repayments by the government will not have an impact on the currency as they are managed with borrowed money externally.
Foreign investors sold government securities worth a net 5.97 billion rupees ($37.86 million) in the week ended May 16, bringing the outflow so far this year to 15.8 billion rupees, central bank data showed. $1 = 157.7000 Sri Lankan rupees Reporting by Ranga Sirilal and Shihar Aneez; Editing by Vyas Mohan | ashraq/financial-news-articles | https://www.reuters.com/article/sri-lanka-forex/sri-lankan-rupee-edges-up-on-late-exporter-conversions-idUSL3N1SU4HT |
Hawaiian volcano spreading more lava and toxic gases 2 Hours Ago 01:27 01:27 | 9:57 AM ET Sun, 13 May 2018 02:54 02:54 | 10:32 AM ET Mon, 14 May 2018 00:44 00:44 | 11:48 AM ET Fri, 11 May 2018 | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/16/hawaiian-volcano-spreading-more-lava-and-toxic-gases.html |
CHICAGO, May 17 (Reuters) - The junk-rated Chicago Public Schools (CPS) on Thursday more than doubled a planned bond refinancing issue to $561 million and accelerated its pricing amid rising rates in the U.S. municipal market.
The district had initially sized the issue at $260 million and set a tentative pricing date for next Tuesday through senior underwriter Loop Capital Markets.
“I guess they are taking advantage of the market while rates are increasing,” said Daniel Berger, Municipal Market Data’s (MMD) senior market strategist.
The 10-year bond yield on MMD’s benchmark triple-A scale has climbed 10 basis points since Monday.
There was no immediate comment from CPS on the bond pricing.
Yields in the deal topped out at 4.95 percent for general obligation bonds due in 2035 with a 5 percent coupon, according to a repricing released by underwriters. Insurance by Assured Guaranty Municipal Corp on an additional 2035 maturity produced a lower yield of 4.05 percent.
Spreads over MMD’s scale ranged from 193 basis points to 224 basis points for uninsured bonds and were as high as 135 basis points for insured bonds.
Escalating pension payments have led to junk credit ratings, drained reserves and debt dependency for CPS, the country’s third-largest public school system.
School officials have touted an improved financial outlook under a new Illinois school funding formula enacted last year that boosted the flow of state funding to CPS by $450 million.
The district still has an “extremely weak cash position,” according to S&P Global Markets, which last week rated the bonds at ‘B’ with a positive outlook.
The sale came a day after the Illinois State Board of Education placed the district’s special education services under supervision after finding some CPS policies and practices violated a federal law protecting disabled children’s’ right to a free and appropriate public education. (Reporting by Karen Pierog, editing by G Crosse)
| ashraq/financial-news-articles | https://www.reuters.com/article/chicago-education-bonds/chicago-schools-sell-upsized-bond-deal-ahead-of-schedule-idUSL2N1SO1Z1 |
Symantec shares plummet on probe news 11:48am EDT - 01:05
Shares of Symantec lost a third of their value at the market open Friday on news that the maker of Norton anti-virus software is conducting an internal investigation. Fred Katayama reports.
Shares of Symantec lost a third of their value at the market open Friday on news that the maker of Norton anti-virus software is conducting an internal investigation. Fred Katayama reports. //reut.rs/2KU675H | ashraq/financial-news-articles | https://www.reuters.com/video/2018/05/11/symantec-shares-plummet-on-probe-news?videoId=425924903 |
Discussing the slowdown in high-end smartphone sales 5 Hours Ago There is a lack of catalysts that make "the next phone so much better than the last one," says Timothy Lesko of Granite Investment Advisors. | ashraq/financial-news-articles | https://www.cnbc.com/video/2018/05/01/discussing-the-slowdown-in-high-end-smartphone-sales.html |
May 3 (Reuters) - Cott Corp:
* COTT REPORTS FIRST QUARTER 2018 RESULTS AND ANNOUNCES APPROVAL OF SHARE REPURCHASE PROGRAM
* Q1 EARNINGS PER SHARE $0.03 * Q1 REVENUE $561 MILLION VERSUS I/B/E/S VIEW $566.4 MILLION
* Q1 EARNINGS PER SHARE VIEW $-0.03 — THOMSON REUTERS I/B/E/S
* ON MAY 1, 2018, COTT’S BOARD OF DIRECTORS APPROVED A $50 MILLION SHARE REPURCHASE PLAN
* INCREASED TARGETED FULL YEAR 2018 REVENUES TO OVER $2.35 BILLION
* FY2018 REVENUE VIEW $2.37 BILLION — THOMSON REUTERS I/B/E/S Source text for Eikon:
Our | ashraq/financial-news-articles | https://www.reuters.com/article/brief-cott-q1-eps-003/brief-cott-q1-eps-0-03-idUSASC09ZEV |
ENGLEWOOD, Colo.--(BUSINESS WIRE)-- GCI Liberty, Inc. (“GCI Liberty”) (Nasdaq: GLIBA, GLIBP) today announced that at 4:02 p.m., New York City time, it completed its reincorporation in the State of Delaware by merging with and into a direct and wholly owned Delaware subsidiary. The reincorporation was approved by shareholders of GCI Liberty at a special meeting of shareholders held on May 7, 2018.
At the effective time of the reincorporation, (i) each share of GCI Liberty Class A common stock issued and outstanding immediately prior to the effective time converted into one share of Series A common stock of the surviving Delaware corporation; (ii) each share of GCI Liberty Class B common stock issued and outstanding immediately prior to the effective time converted into one share of Series B common stock of the surviving Delaware corporation; and (iii) each share of GCI Liberty Series A Cumulative Redeemable Preferred Stock issued and outstanding immediately prior to the effective time converted into one share of Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) of the surviving Delaware corporation.
Following the completion of the reincorporation, former holders of Class A Common Stock, Class B Common Stock and Series A Cumulative Redeemable Preferred Stock of GCI Liberty own the same number of shares of Series A Common Stock, Series B Common Stock and Series A Preferred Stock, respectively, in the surviving Delaware corporation as they owned in the Alaska corporation prior to completion of the reincorporation. As a result of the reincorporation, the dividend rate on the Series A Preferred Stock will increase from 5% to 7%, effective after the next dividend payment date on July 15 th .
The reincorporation did not result in any changes to GCI Liberty’s name, ticker symbols, CUSIP numbers, headquarters, business, management, location of offices, assets, liabilities or net worth, other than as a result of the costs incident to the reincorporation merger. Members of GCI Liberty’s management, including all directors and officers, have assumed identical positions with the surviving Delaware corporation.
About GCI Liberty, Inc.
GCI Liberty, Inc. (Nasdaq: GLIBA, GLIBP) operates and owns interests in a broad range of communications businesses. GCI Liberty’s principal assets consist of its subsidiary GCI and interests in Charter Communications and Liberty Broadband Corporation. GCI is Alaska’s largest communications provider, providing data, wireless, video, voice and managed services to consumer and business customers throughout Alaska and nationwide. GCI has delivered services for nearly 40 years to some of the most remote communities and in some of the most challenging conditions in North America. GCI Liberty’s other businesses and assets consist of its subsidiary Evite and its interest in Lending Tree.
View source version on businesswire.com : https://www.businesswire.com/news/home/20180510006374/en/
GCI Liberty, Inc.
Courtnee Chun, 720-875-5420
Source: GCI Liberty, Inc. | ashraq/financial-news-articles | http://www.cnbc.com/2018/05/10/business-wire-gci-liberty-announces-reincorporation-in-delaware.html |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.